Wed, Sep 02, 2020 – 12:12 PM
DBS Group has received the green light from the China Securities Regulatory Commission (CSRC) to establish a joint venture (JV) securities company known as DBS Securities (China), in which DBS will have a controlling stake of 51 per cent.
The JV company will provide onshore products and services for both domestic and international customers, forming an "important" part of DBS's strategy in China, according to a press statement by Singapore's largest bank.
Businesses that DBS Securities will engage in include brokerage, securities investment consulting, securities underwriting and sponsorship, as well as proprietary trading.
It has a registered capital of 1.5 billion yuan (S$298.9 million), and shareholders include Donghao Lansheng Investment Management with a stake of about 24.7 per cent, followed by Shanghai Huangpu Investment holding about 13.3 per cent. The other two shareholders are Shanghai Huiyang Asset Management at 6.5 per cent and Shanghai Huangpu Guidance Fund Equity Investment Co at 4.5 per cent.
DBS chief executive officer Piyush Gupta said that the group has been "supporting China's financial development in the past 30 years".
Stay updated with
"The ability to set up a securities company in China represents yet another key milestone, enabling us to make available the best of DBS's capabilities and offerings, and provide customers in China with a full range of onshore and offshore financial services," he added.
Neil Ge, China head of DBS Group, said the new JV will further support the bank's long-term sustainable development in China and provide more comprehensive financial services to Chinese customers.
About a quarter of DRead More – Source