The headquarters of the first batch of locally incorporated foreign banks passed the Shanghai Bureau of the China Banking Regulatory Commission audit for providing renminbi services to local residents yesterday.

HSBC, Citigroup, Standard Chartered Bank and the Bank of East Asia are ready to authorize its branches and sub-branches to roll out various renminbi products for local customers.

"Being passionate about our customers' success and delighting them with our quality service is part of Standard Chartered's philosophy," said Katherine Tsang, CEO of Standard Chartered Bank (China) Ltd.

(For more biz stories, please visit Industry Updates)