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RBS near to JV with Chinese broker
By Sudip Kar-Gupta |
September 18, 2010, Saturday
|
Print Edition
Print Edition
ROYAL Bank of Scotland is close to forming a venture with China's Guolian Securities as part of the British lender's expansion in the booming Asian economy, a source with knowledge of the matter said yesterday.
"China is a core market for RBS in Asia," the source said.
RBS, bailed out by Britain at the height of the financial crisis, confirmed it was seeking a new Chinese securities joint venture but declined to identify any parties with whom it was holding talks.
RBS, 83 percent owned by the British taxpayer, is looking to build on existing partnerships with Galaxy Futures and Suzhou Trust. The British bank has minority stakes in both Chinese firms.
Many major international banks are focusing on China's securities market for growth in the wake of economic uncertainty in Europe and the United States.
UBS, Credit Suisse, Goldman Sachs, Morgan Stanley and Deutsche Bank are among global banks with securities joint ventures in China.
Economic data have showed China's economy remained buoyant despite efforts to curb property speculation.
"China is a core market for RBS in Asia," the source said.
RBS, bailed out by Britain at the height of the financial crisis, confirmed it was seeking a new Chinese securities joint venture but declined to identify any parties with whom it was holding talks.
RBS, 83 percent owned by the British taxpayer, is looking to build on existing partnerships with Galaxy Futures and Suzhou Trust. The British bank has minority stakes in both Chinese firms.
Many major international banks are focusing on China's securities market for growth in the wake of economic uncertainty in Europe and the United States.
UBS, Credit Suisse, Goldman Sachs, Morgan Stanley and Deutsche Bank are among global banks with securities joint ventures in China.
Economic data have showed China's economy remained buoyant despite efforts to curb property speculation.
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