China: Industrial Commercial Bank China Luxembourg Branch to be decommissioned as CNY cash correspondent bank
Clearstream Banking1 would like to inform customers that effective value date
2 August 2021
Industrial Commercial Bank China (ICBC) Luxembourg Branch will be decommissioned as a CNY cash correspondent bank (CCB).
Impact on customers
Customers may no longer make CNY payments via ICBC Luxembourg from value date 2 August 2021 onwards, the last possible value date for payments to be accepted will be 30 July 2021 (Friday).
Any MT210 instructions received from value date 2 August 2021 onwards will be automatically rejected by Clearstream Banking. Customers are reminded that Clearstream Banking offers four CNY cash correspondent banks, as shown below:
CNY Cash correspondent details
Currency: Offshore Chinese Renminbi (CNY)a
Bank of China (Hong Kong)bc
Bank of China (Frankfurt)
ICBC Singapore Branchcd
Standard Chartered Bank Hong Kong
a. Clearstream Banking provides settlement services for Offshore CNY only. Clearstream Banking does not maintain a CNY cash account in mainland China and does not support the conversion of CNY between Hong Kong and mainland China.
b. In compliance with the Hong Kong Monetary Authority (HKMA), if no BIC exists or none is available for entry in field :50A: of the cash instruction, then the sender’s name, account number and full address must be provided in field :50K:; otherwise, STP cannot be guaranteed and there is a risk of incurring eventual charges.
c. Customer withdrawal instructions will be automatically routed according to the destination of the funds:
- ICBC Singapore Branch will be responsible for processing all payments made to beneficiary accounts in Singapore; and
- Bank of China Hong Kong will be responsible for processing all payments made to beneficiary accounts located in Hong Kong and the rest of the world.
d. For more information on Disclosure Requirements please refer to the Market Link Guide under Other Services, Disclosure Requirements.
The Cash Timings Matrix will be updated on the effective date.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.