What’s new: Singaporean banking giant DBS Bank Ltd. has won regulatory approval to set up a majority-owned securities joint venture on the Chinese mainland, one of the latest foreign companies to benefit from China’s financial opening-up.
The bank will own 51% of the new venture, with the remaining stakes controlled by four Shanghai companies, according to a statement (link in Chinese) by the China Securities Regulatory Commission (CSRC).
What’s the background: DBS has become the eighth foreign company to take majority ownership of a securities venture on the mainland.
Since last year, Daiwa Securities Group Inc., JPMorgan Chase & Co. and Nomura Holdings Inc. have all received approval from the CSRC to set up new 51% owned securities ventures.
In addition, UBS Group AG, Goldman Sachs Group Inc., Morgan Stanley and Credit Suisse Group AG have all increased their stakes in existing mainland securities joint ventures to 51%.
Related: Japanese Financial Giant Wins Approval for Majority-Owned Chinese Securities Venture
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Lin Jinbing (jinbinglin@caixin.com)
