ANZ Expands RMB Cross-Border Financing Teams

The Australia and New Zealand Banking Group Limited (ANZ) has made a number of senior appointments in its RMB banking and trading teams, in an effort to support growing volumes of RMB denominated cross-border financing activities, according to a company announcement.

Lucy Chen has been recruited as global head of RMB transaction banking, a new role based in Shanghai. She will oversee the embedding of RMB across the bank’s transaction banking offering and reports to Philippe Jaccard, global co-head of transaction banking products.

Chen was previously head of global transaction banking at OCBC Group China. Prior to this, she worked at Citibank in China for 18 years as head of financial institutions for East China, head of transaction banking client delivery and deputy general manager of the Shanghai branch.

Patrick Wu has been promoted to deputy head of global markets China and head of RMB trading. He will support the build out of ANZ’s global markets offering in China, as well as strengthen the bank’s global RMB trading.

He continues to be based in Shanghai and reports to Dennis Wong, global head of RMB and Sam Phoen, head of global markets China.

Kenneth Lau has been appointed head of offshore RMB trading in Hong Kong. He is responsible for building ANZ’s offering across forex and tates and reports jointly to Dennis Wong and Patrick Wu.

Lau joins from Standard Chartered in Hong Kong, where he ran the Hong Kong dollar franchise, and built the bank’s offshore RMB platform.

"These appointments will support the ongoing development of our global RMB offering…as well as to provide seamless capabilities for clients across our super regional network – as RMB increasingly emerges as a currency of choice in regional trade," says Huang Xiaoguang, CEO of ANZ China.

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