Bank of China, Citigroup Inked Renminbi Remittance Agreement

Bank of China (SEHK: 3988; SHSE: 601988), one of the Big Four lenders in the nation, inked a renminbi remittance agreement with the global trade service unit of Citigroup, an international financial conglomerate with operations in consumer, corporate, investment banking, and insurance.

Pursuant to the agreement, Citigroup and the New York branch of Bank of China will provide renminbi remittance service for clients together.

This is the first time that Citigroup helps the Chinese partner expand its remittance business and the Chinese lender is to attract more capital to flow into its branches in China, which can meet clients' rising remittance demand at home. At the same time, the Chinese bank also assists the foreign partner to offer global remittance service to Chinese clients.

China is expected to take a rising share on the global remittance market and clients are starting seeking for international remittance services via their homegrown banks now.