Sep 18, 2013
Singapore, September 13th 2013 - Fullerton Credit Services, China (FCS) and The Royal Bank of Scotland (Singapore) plc (RBS Singapore) today jointly announce an offshore Renminbi (RMB) 350 million 3-year Term Loan Facility, establishing a new milestone for offshore RMB-denominated banking facilities out of Singapore. RBS acted as Sole Mandated Lead Arranger and Bookrunner for the syndicated loan facility.
FCS is the leading microfinance company in mid-west China, which provide loans to the under-served small and medium sized enterprises (SMEs) and sole proprietorships. With one of the biggest local network of 24 branches and over 600 staff across Sichuan, Chongqing and Hubei, FCS is well aligned to the China regulators' call to support SMEs.
Danny Quah, CEO of FCS China, said, "We are pleased to introduce our first offshore RMB term loan out of Singapore, which will enhance our ongoing cross-border bilateral partnership and development and help us on our growth trajectory. This Term Financing Facility allows FCS to augment and diversify the funding required for the growth of our China business. With this loan, FCS is in a better position to help China SMEs grow their businesses while strengthening their contribution to the real economy and local employment."
Saket Misra, Head of International Banking for RBS Singapore, commented, "RBS is delighted to have successfully provided an innovative financing solution to help Fullerton's growth in China. This landmark transaction demonstrates RBS's global network and ability to bring the right banking solutions to help Singapore corporates expand globally. This transaction is significant in enhancing Singapore as an offshore RMB-denominated business hub. We continue to work towards offshore RMB products offered out of Singapore including offshore RMB clearing."
FCS is wholly owned by Fullerton Financial Holdings Pte Ltd (FFH). In turn, FFH is a wholly-owned subsidiary of Temasek Holdings Pte Ltd, an Asia investment company based in Singapore. FFH invests in and operates financial institutions in emerging markets and has a shareholder's equity of SGD 21.3 billion. FFH creates shareholder value by differentiating through great people, disciplined development and execution of unique business models that focus on the SME and mass market customer segments.
Re-disseminated by The Asian Banker