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Citigroup signs JV deal with Orient Securities
By Zhang Fengming |
June 2, 2011, Thursday
|
Online Edition
Online Edition
CITIGROUP and its Chinese partner announced today they have agreed to set up a securities joint venture to tap the country's fast-growing capital market.
The US bank and Shanghai-based Orient Securities Co Ltd signed definitive agreements, which are pending regulatory approval, to establish Citi Orient Securities Co Ltd in Shanghai.
The new joint venture will engage in investment banking business in the domestic market, including equity and debt underwriting and advisory services.
Orient Securities will have a 67 percent stake in the new entity while Citigroup will take the remaining 33 percent -- consistent with existing Chinese regulations.
The two partners will also explore cooperation in other areas such as research and training.
"This new partnership underscores our strategic commitment to China's capital market and complements our well-established banking franchise in China," said Stephen Bird, chief executive officer for Citi in Asia Pacific.
Orient Securities specializes in securities underwriting, brokerage, securities trading, asset management, commodities futures and financial futures. Founded in 1998, Orient Securities has more than 2,200 employees and is jointly owned by a number of state-owned companies in Shanghai.
Citigroup, a prominent foreign bank in China with presence in 11 cities, has helped raise over US$40 billion for Chinese companies from overseas capital markets in the last five years, according to Dealogic.
Last year, Citigroup helped nine high-profile Chinese companies raise funds through international IPOs, a record for the bank in China.
The US bank and Shanghai-based Orient Securities Co Ltd signed definitive agreements, which are pending regulatory approval, to establish Citi Orient Securities Co Ltd in Shanghai.
The new joint venture will engage in investment banking business in the domestic market, including equity and debt underwriting and advisory services.
Orient Securities will have a 67 percent stake in the new entity while Citigroup will take the remaining 33 percent -- consistent with existing Chinese regulations.
The two partners will also explore cooperation in other areas such as research and training.
"This new partnership underscores our strategic commitment to China's capital market and complements our well-established banking franchise in China," said Stephen Bird, chief executive officer for Citi in Asia Pacific.
Orient Securities specializes in securities underwriting, brokerage, securities trading, asset management, commodities futures and financial futures. Founded in 1998, Orient Securities has more than 2,200 employees and is jointly owned by a number of state-owned companies in Shanghai.
Citigroup, a prominent foreign bank in China with presence in 11 cities, has helped raise over US$40 billion for Chinese companies from overseas capital markets in the last five years, according to Dealogic.
Last year, Citigroup helped nine high-profile Chinese companies raise funds through international IPOs, a record for the bank in China.
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