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

 

Under the mandate, Standard Chartered will provide a comprehensive renminbi 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 realize natural hedges and recycle renminbi proceeds from its entity in China.

 

Bharat Padmanabhan, global head, sales and client management at Standard Chartered, said, “We are delighted to support Shell’s renminbi business with a solution that will improve working capital management efficiency and ultimately ensure greater business competitiveness. With the renminbi becoming an important currency on the global stage of multinational commerce, especially in renminbi denominated contracts, it has become even more compelling for multinational companies to have a renminbi 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.