In 2012, we have actively implemented our Head Office’s overseas development strategy and leveraged on Singapore’s excellent position as one of the financial centres in the Asia-Pacific region to strengthen the cross-border service functions and capacities for our business partners in Singapore and China. During the year, we have achieved the following:

Firstly, we have been granted the Wholesale Banking licence by the MAS in May 2012, enabling us to expand our assets size so as to better service our Chinese customers who are in the process of internationalisation.

Secondly, we have actively expedited product and service innovation by developing cross-border RMB-related products to meet our customers’ needs. In particular, we rolled out 7 new cross-border trade finance products in 2012 and the volume of the cross-border RMB businesses expanded 5 times as compared to the previous year. Together with our sister branch in China, we structured a Carbon Emission Reductions advance payment facility for one of our customers and were awarded Best Deal of Year 2011 by Global Trade Review, an international leading trade finance magazine. We were the only award winning Chinese bank among the 30 awards given out globally in 2012.

Thirdly, we tactfully optimised our resources and shifted our business focus to these core customers of our Head Office and sister branches in China. We supported these companies by granting them credit facilities with relatively competitive prices and catering for their specific business needs with comprehensive financial solutions. By doing so, we have not only maintained good relationship with these multi-national enterprises globally, but also expanded our market share in cross-border RMB settlement and clearing market.

While acting as a cross-border service platform for our Head Office and sister branches customers globally, we have achieved steady business progress. In 2012, the net profit after tax has increased by 33% as compared to the previous year and our business capacity and profitability has been further enhanced.