China banks keen to take on brokerages as govt hints at opening sector

Shanghai

CHINESE banks are preparing to take advantage of any easing of government restrictions to challenge the likes of Citic Securities Co and China International Capital Corp (CICC) in the nation's booming brokerage industry.

Industrial Bank Co plans to acquire Huafu Securities Co, while Bank of Communications Co wants to purchase Royal Bank of Scotland Group's stake in Hua Ying Securities Co, sources said on Monday.