We’ve been awarded Shell’s global RMB mandate

Standard Chartered today announced that it has been awarded a global RMB mandate to support Shell’s domestic China business, offshore accounts centralised in Singapore, as well as other geographies that Shell operates in.

Under the mandate, Standard Chartered will provide a comprehensive RMB solution for Shell that includes cash and liquidity management as well as cross border sweeping. The end-to-end solution will also enable the various global entities within the Shell group of companies to realise natural hedges and recycle RMB proceeds from its entity in China.

Commenting on the mandate, Bharat Padmanabhan, Global Head, Sales & Client Management at Standard Chartered said, “We are delighted to support Shell’s RMB business with a solution that will improve working capital management efficiency and ultimately ensure greater business competitiveness. With the RMB becoming an important currency on the global stage of multinational commerce, especially in RMB denominated contracts, it has become even more compelling for multinational companies to have an RMB strategy in place.”

The mandate reinforces Standard Chartered’s long term strategic partnership with Royal Dutch Shell. In 2013, the Bank also supported Shell’s implementation in China of a foreign currency cross-border sweeping structure. 

For further information please contact:

Tan Hsueh Mei
Head of External Communications, Products
Standard Chartered Bank
+65 6596 9289
Tan.Hsueh-Mei@sc.com