AUB offers Chinese yuan

MANILA, Philippines - Asia United Bank (AUB) is now accepting savings account in Chinese Yuan, or Renminbi (RMB) as part of its expanded services.

With the Philippines’ growing trade with China, the bank’s new service will facilitate trade payments with the Chinese mainland, as well as with a number of establishments in Hong Kong and Macau.

Customers can now buy and sell the RMB through the bank for trade-related and travel purposes, subject to existing guidelines of the Bangko Sentral ng Pilipinas and People’s Bank of China on foreign exchange trading. The service will be initially available at the AUB’s head office at Park Royale, Julia Vargas Avenue in Pasig City and the following branches: Buendia, Binondo, Ermita, Arranque, Divisoria, Edsa Caloocan and Kaloocan branches.

Asia United Bank has 50 branches nationwide and will open more branches all over the country in 2010.