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Citigroup-Orient Securities JV approved
By Hu Xiaocen and Maggie Zhang |
January 9, 2012, Monday
|
Online Edition
Online Edition
CITIGROUP and its Chinese partner have won regulatory approval to set up a securities joint venture to tap China's rising capital market, a Shanghai financial official said today.
The American bank and Orient Securities Co were authorized by the China Securities Regulatory Commission to set up the Citi Orient Securities Co, said Fang Xinghai, director of the Shanghai Financial Services Office.
The joint venture will engage in investment banking business in China, including equity, debt underwriting and advisory services. The two partners will also explore cooperation in other areas such as research and training.
Shanghai-based Orient Securities will own 67 percent in the new entity with the rest taken by Citigroup in line with the Chinese regulations.
Meanwhile, Shanghai Pudong Development Bank has also won regulatory approval to joint hands with the Silicon Valley Bank to set up a joint venture to offer financial services to high-tech companies, Fang said.
The American bank and Orient Securities Co were authorized by the China Securities Regulatory Commission to set up the Citi Orient Securities Co, said Fang Xinghai, director of the Shanghai Financial Services Office.
The joint venture will engage in investment banking business in China, including equity, debt underwriting and advisory services. The two partners will also explore cooperation in other areas such as research and training.
Shanghai-based Orient Securities will own 67 percent in the new entity with the rest taken by Citigroup in line with the Chinese regulations.
Meanwhile, Shanghai Pudong Development Bank has also won regulatory approval to joint hands with the Silicon Valley Bank to set up a joint venture to offer financial services to high-tech companies, Fang said.
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