Bison Bank enters offshore renminbi market

Chinese-owned Bison Bank of Portugal has announced that the branch of China Construction Bank Corp. in Britain has given it permission to do business in renminbi offshore, making it the only Portuguese bank with such permission.

Bison Bank issued a written announcement saying it therefore expects to do more business.

The announcement quotes Bison Bank Chief Executive Bian Fang as saying growth in demand for the services of banks that can do renminbi business offshore presents an opportunity.

Mr Bian, citing the Bloomberg news agency, said the value of renminbi bonds issued offshore grew to 74.6 billion yuan (about US$10.7 million) in the first half of this year.

Entering the offshore renminbi market is in line with the Bison Bank strategy of expanding the business the bank does so it can offer its customers the full range of financial services, the announcement quotes Mr Bian as saying.