HSBC and BoCom sign renminbi business deal

Memorandum of understanding covers cross-border renminbi business cooperation.

It also formalizes the framework for future cooperation betweenHong Kong based HSBC and China’s Bank of Communications.

Analysts said the two banks are working on detail initiatives. One banker referred to the MOU as a commitment to turn to each other first The partners are working on detail initiatives.

BoCom has also appointed Ng Siu On, a banker with international banking expertise from HSBC, as an HSBC-BoCom strategic cooperation consultant, joining BoCom’s senior management team.

Ng was most recently head of corporates for HSBC’s commercial banking business in Hong Kong. He was also a consultant for HSBC’s Asia-Pacific CEO on Greater China business.