HSBC sees Philippines as major renminbi market

HSBC’s push to become the largest international renminbi bank also targets the Philippines.

Wick Veloso, HSBC Managing Director, Treasurer and Head of Markets, said the Philippines is being developed as a major future renminbi market.

"One of the key things we're trying to develop is RMB and we're trying to find out what kind of business we can offer to China, like export facilities," said Veloso. "And, eventually, for us to become the renminbi bank in the Philippines."

At the moment HSBC provides only RMB deposits and trade finance. Veloso said HSBC could offer more sophisticated bank products in the future.

Spencer Lake, co-head of HSBC Global Markets Global Banking and Markets, said the bank plans to be the largest international RMB bank in regular banking transactions and as an RMB bond issuer and arranger in and outside of Asia.

"We aspire to be the biggest RMB bank and (right now) we have corporate clients and corporates and developing more markets (for RMB)," Lake said. "We will see how the markets develop and we're very bullish on China."

HSBC recently raised US$300 million RMB bonds in London, the first bank to successfully execute an RMB bond transaction in Europe.