Fullerton Credit Services gets loan facility from RBS Singapore Awards

13 September 2013

Fullerton Credit Services, China (FCS) has secured an offshore renminbi 350 million (US$57.2 million) three-year term loan facility from The Royal Bank of Scotland (Singapore). RBS acted as sole mandated lead arranger and bookrunner for the syndicated loan facility.

FCS is the leading microfinance company in midwest China, which provide loans to the under-served small and medium sized enterprises (SMEs) and sole proprietorships. It has one of the biggest local network with 24 branches and over 600 staff across Sichuan, Chongqing and Hubei.

Danny Quah, CEO of FCS China, said, "We are pleased to introduce our first offshore renminbi term loan out of Singapore, which will enhance our ongoing cross-border bilateral partnership and development and help us on our growth trajectory. This term financing facility allows FCS to augment and diversify the funding required for the growth of our China business. With this loan, FCS is in a better position to help China SMEs grow their businesses while strengthening their contribution to the real economy and local employment."

Saket Misra, head of international banking for RBS Singapore, commented, "This transaction demonstrates RBS's global network and ability to bring the right banking solutions to help Singapore corporates expand globally. This is significant in enhancing Singapore as an offshore renminbi-denominated business hub. We continue to work towards offshore renminbi products offered out of Singapore including offshore renminbi clearing."

FCS is wholly owned by Fullerton Financial Holdings (FFH), a wholly-owned subsidiary of Temasek Holdings, an Asia investment company based in Singapore. FFH invests in and operates financial institutions in emerging markets and has a shareholder's equity of S$21.3 billion.