Global Banking News-August 20, 2015--HSBC hired as RMB Concentration Bank for LME Clear
HSBC Bank Malaysia Bhd (LSE: HSBA) has been mandated as the sole offshore renminbi (RMB) concentration bank for LME Clear, a clearing house for the London Metal Exchange (LME) market.
The company uses one disbursement bank, Bank of America, which is also its concentration bank
and the lead bank in its revolvers.
"Euro balances are transferred to a cash concentration bank
, then fed into the financial markets," Hollein explains.
Aside from account maintenance fees, a number of international charges are typically taken against analysis, including incoming wire payment fees for open account receipts; electronic balance and detailed reporting fees; outgoing wire fees which move collected funds to a concentration bank
; and, depending on the bank, some other fees may be charged against analysis as well.
One of the biggest concentration banks
where Roma families were sent was Auschwitz-Birkenau.