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Go-ahead for investment venture
By Maggie Zhang |
July 9, 2009, Thursday
|
Print Edition
Print Edition
DEUTSCHE Bank AG yesterday said its securities joint venture in China had received regulatory go-ahead to start investment banking services.
Shanxi Securities Co has a 66.7-percent stake in the joint venture, Zhong De Securities Co, while Deutsche Bank holds the remainder.
Its initial scope of business includes the underwriting and sponsorship of yuan-backed A shares and foreign investment shares, and government and corporate bonds.
"The business license has come at a critical time for China's financial markets, over period in which Deutsche Bank has continued to invest and commit capital. We are looking forward to working together with Shanxi Securities," said Lee Zhang, group chairman of Deutsche Bank China and head of global banking Asia-Pacific (ex-Japan).
The license follows a previous approval in January that the China Securities Regulatory Commission had approved the establishment of the joint venture.
President of Shanxi Securities Hou Wei is chairman of the joint venture, with Charles Wang, an investment bank veteran, as its chief executive officer.
Overseas investors can hold up to one-third of a securities joint venture for investment banking business and can take up to 19.99 percent of a securities joint venture for brokerage services.
Shanxi Securities Co has a 66.7-percent stake in the joint venture, Zhong De Securities Co, while Deutsche Bank holds the remainder.
Its initial scope of business includes the underwriting and sponsorship of yuan-backed A shares and foreign investment shares, and government and corporate bonds.
"The business license has come at a critical time for China's financial markets, over period in which Deutsche Bank has continued to invest and commit capital. We are looking forward to working together with Shanxi Securities," said Lee Zhang, group chairman of Deutsche Bank China and head of global banking Asia-Pacific (ex-Japan).
The license follows a previous approval in January that the China Securities Regulatory Commission had approved the establishment of the joint venture.
President of Shanxi Securities Hou Wei is chairman of the joint venture, with Charles Wang, an investment bank veteran, as its chief executive officer.
Overseas investors can hold up to one-third of a securities joint venture for investment banking business and can take up to 19.99 percent of a securities joint venture for brokerage services.
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