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RBS sets up brokerage JV with partner
By Zhang Fengming |
November 26, 2010, Friday
|
Print Edition
Print Edition
ROYAL Bank of Scotland will set up a securities joint venture in China with its Chinese partner to tap the nation's growing capital market, the two companies said yesterday.
The joint venture, Hua Ying Securities Co, will be based in Wuxi City, Jiangsu Province and have a registered capital of 800 million yuan (US$120 million). RBS holds 33.3 percent, the maximum allowed under the law, of the joint venture while partner Wuxi-based Guolian Securities Co takes the remainder.
"China is one of the key markets for us," said Lawrence Lam, chairman of RBS in China. "We feel a push to participate in China's capital market."
The joint venture, set to open six months later, will also cover Beijing and Shanghai.
The China Securities Regulatory Commission approved their application this month to set up the venture.
The two partners are optimistic that securities firms will reap huge business from the planned international board, which allows overseas companies to go public in the mainland, on the Shanghai Stock Exchange.
Major overseas financial institutions and multinational companies, including London-based HSBC and Unilever, have signaled their intention to list on the international board.
The joint venture, Hua Ying Securities Co, will be based in Wuxi City, Jiangsu Province and have a registered capital of 800 million yuan (US$120 million). RBS holds 33.3 percent, the maximum allowed under the law, of the joint venture while partner Wuxi-based Guolian Securities Co takes the remainder.
"China is one of the key markets for us," said Lawrence Lam, chairman of RBS in China. "We feel a push to participate in China's capital market."
The joint venture, set to open six months later, will also cover Beijing and Shanghai.
The China Securities Regulatory Commission approved their application this month to set up the venture.
The two partners are optimistic that securities firms will reap huge business from the planned international board, which allows overseas companies to go public in the mainland, on the Shanghai Stock Exchange.
Major overseas financial institutions and multinational companies, including London-based HSBC and Unilever, have signaled their intention to list on the international board.
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