SEB has received approval from People’s Bank of China to become a member of the national clearing system CNAPS, enabling the bank to offer a complete and more efficient cash management solution in China.

SEB launched local currency services in the second quarter 2009 and has gradually expanded the product offering since then. The bank launched its electronic cash management platform C&I Online for local currency in China at the beginning of 2010.

The recent approval to join CNAPS makes the cash management offering more competitive and SEB is now not only handling domestic payments and accounts but can also handle cash pools and other cash management solutions in the local currency yuan.

Founded in 1856, SEB is now one of Northern Europe’s leading financial Groups. It has over 20,000 employees in 21 countries and has more than 600 branch offices of which one quarter are located in Sweden, another one quarter in Germany and the rest in Estonia, Latvia, Lithuania, Russia and Ukraine.

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