The increased presence of Chinese lenders at high-profile transaction banking events indicates their ambition to burst into a business that has long been dominated by a handful of big international groups.
Driven by the loosening of restrictions on China’s currency – the renminbi – and a growing recognition of the resilience of areas such as cash management, custody and settlement, big Chinese banks are keen to build up their businesses.
But while the additional competition is squeezing pricing for banks such as JPMorgan, Citigroup and State Street in the US and HSBC and Standard Chartered in Britain, it is also bringing opportunities for big operators.
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