China approves BNP Paribas plan for fully-owned securities brokerage unit
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The platform is permitted to conduct securities brokerage, proprietary trading, securities investment consulting and securities asset management. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
Singaporeans can now buy record amount of yen per Singdollar
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Keppel DC Reit posts 13.2% higher Q1 DPU of S$0.02833 on strong portfolio performance
