And we are discussing incremental enhancements to Wealth Management Connect with Mainland authorities, such as improving sales arrangements, expanding product scope, and allowing more financial institutions to participate. We will also focus on developing the offshore RMB derivatives market by introducing risk-management products to meet global investors’ hedging needs and develop Hong Kong as a risk-management centre. Swap Connect and the introduction of Mainland government bond futures in Hong Kong are important steps to allow global investors to conduct hedging for their bond investments in the Mainland. We will continue to explore the provision of more diversified riskmanagement tools to drive further allocation into Mainland bonds and openingup of the Mainland bond market. ETF Connect will give global investors direct access to the rapidly developing ETF markets on both sides, and enrich the product range under Stock Connect. The inclusion of foreign companies in Southbound Trading will make our stock exchange even more attractive as a leading fund-raising destination for international companies. Another vital step is to expand the use of RMB in equity market trading in Hong Kong. The Working Group formed by the SFC, the HKEx and the HKMA have studied the feasibility of allowing stocks eligible for Southbound Trading of Stock Connect to be denominated in RMB, and are moving ahead with the necessary preparations and discussions with Mainland authorities and agencies. We also need to promote our markets to attract more Mainland and international institutions to issue RMB bonds in Hong Kong.
The features of the new logo, which are orange - representing passion for people and the drive for excellence, white - representing commitment to integrity and professionalism, and the squares - representing stability and dependability, are all symbols of the bank’s commitment to growth, prudent and efficient service delivery to our country, as well as customer care. Mr Chairman, since the Guaranty Trust Bank (SL) Limited commenced operations in January 2002 after the successful take over of the First Merchant Bank PLC Nigeria, it has consistently improved its performance and expanded its operations in the country; notably with the establishment of three branches. As at 31st May 2006, Guaranty Trust Bank’s total assets amounted to Le47.05 billion and shareholders’ funds stood at Le5.84 billion. Loans granted to various sectors of the economy have also gone up to Le9.16 billion. All of these are significant and commendable achievements in a short time. Distinguished Ladies and Gentlemen, over the last couple of years, the bank has committed itself to the provision of efficient banking services to the people of Sierra Leone. It has introduced among other things, money gram money transfer, which is one of the fastest means of transferring money into and out of Sierra Leone, and has also introduced mobile banking services. This last development has given its customers the opportunity to access and initiate transactions on their accounts from anywhere and at any time of the day.