China approves BNP Paribas plan for fully-owned securities brokerage unit
BNP Paribas has received approval from the Chinese securities watchdog to set up a wholly-owned securities brokerage arm in China, the latest foreign financial firm making inroads into the world’s second largest economy.
China Securities Regulatory Commission (CSRC) granted its permission to the Paris-headquartered financial group on Friday (Apr 12), official regulatory record showed.
“BNP Paribas welcomes this decision from the China regulators and remains committed to exploring opportunities for growth in the China market,” a company spokesperson told Reuters.
“This platform will allow us to further enhance our product and solution offering to both domestic and international clients.”
The green light came about three years after the French firm applied with the CSRC in 2021.
The unit, fully-owned by BNP Paribas, with 1.1 billion yuan (S$207 million) in registered capital, will be established in Shanghai, according to the record.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The platform is permitted to conduct securities brokerage, proprietary trading, securities investment consulting and securities asset management. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
China property stocks gauge jumps on proposal for home purchases
ADDX launches fixed income marketplace and digitised bond programme
Asia: Markets track Wall Street records after US inflation data
Singapore shares advance after global indices hit all-time highs; STI up 0.5% at Thursday’s open
Stocks to watch: SIA, Seatrium, OUE Healthcare
Seatrium wins FPSO integration contract from SBM Offshore