RBS launches China joint venture
May 30, 2011 Category Stock Markets, Weekly
Royal Bank of Scotland (RBS) has launched a joint venture with China’s Guolian Securities, allowing it to manage share sales and issue debt in China’s fast-growing financial markets. RBS Asia boss John McCormick said the venture could also help UK companies tap Chinese capital. RBS will have a 33% stake in the venture, which will be known as Hua Ying Securities. “We want to be a top foreign bank in China,” Mr McCormick, RBS Asia Pacific Chief Executive, told the BBC. The joint venture will be based in Wuxi, Jiangsu province. RBS is the first UK bank and the seventh bank internationally to get approval to enter the investment banking business in China. A tie-up with a Chinese partner is a pre-requisite for a foreign bank wanting to enter the securities business.
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