What's New In Investments, Funds? - UOB, China, Indonesia, Others

Editorial Staff

7 September 2021

UOB
has announced that its wholly-owned subsidiaries, UOB China and UOB Indonesia, are now appointed cross-currency dealers (ACCDs for Chinese renminbi/Indonesia Rupiah transactions.

The appointment makes UOB the first Singapore bank to hold the CNY/IDR ACCD status in both markets, UOB said in a statement. UOB China is also the only Singapore-based bank approved by the People’s Bank of China (PBC) to be a CNY/IDR direct market maker, the firm said.

ACCDs aim to promote the settlement of international goods and services trade and direct investments in the local currencies of China and Indonesia. They form part of the local currency settlement (LCS) framework between PBC and the Bank Indonesia (BI) to encourage greater bilateral trade and investment flows between the two countries.

With the ACCD licences, UOB China and UOB Indonesia can open onshore IDR and CNY accounts respectively and offer cross-currency exchange, financing, swaps and forwards in this currency pair for UOB’s corporate and institutional clients in the two markets. The CNY/IDR solutions will enable UOB clients in Indonesia and China to have direct access to onshore CNY/IDR foreign exchange (FX) rates and liquidity for hedging their trade transactions and investments.

Nuveen
, has acquired almost half (49.9 per cent) interest in a prime landmark office building in Sydney’s central business and cultural precinct.

The A$577.3 million ($421million) acquisition, has been agreed on behalf of M&G’s core Asia-Pacific property portfolio managed by Richard van den Berg. The acquisition was supported with a A$259.8 million green loan from OCBC Bank in Sydney, the sole lender and green advisor for the transaction.

Developed and co-owned by Australian property group, Mirvac, 200 George Street is a landmark building constructed in 2016. It is one of Australia’s most sustainable buildings, M&G said, and was awarded a 5.5-Star NABERS Energy rating, a 5.5-Star NABERS Water rating, Tenancy Gold Well, and a 6-Star Green Star rating.