HSBC wins Swiss Re RQFII mandate
HSBC has been selected to provide local custodian services to Swiss Reinsurance Company, which has secured regulatory approval to become the first Swiss investor in China under the RQFII scheme.
In being selected, HSBC has become the first custodian bank in China to service a Renminbi Qualified Foreign Institutional Investor (RQFII) based in Switzerland.
“This development is testament to the success and the progress of the RQFII scheme and we are very proud to now be connecting RQFIIs across eight markets to our network in China," said Sophia Chung, head of securities services, China, HSBC.
HSBC facilitated Swiss Reinsurance Company’s application for its RQFII Swiss licence. China announced the extension of the RQFII pilot scheme to Switzerland in January 2015. The allocated quota is RMB50bn ($8.6bn).
“Gaining access to the Chinese financial markets as they grow in significance has become vital for global long-term investors. The RQFII programme will further complement Swiss Re's liability matching investment capabilities. This is an important step in Swiss Re's business aspirations under our high growth market strategy," said Guido Fürer, chief investment officer of Swiss Reinsurance Company.
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