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A Standard Chartered bank branch in Shanghai, China, December 27, 2021. /CFP
China's securities regulator approved Standard Chartered's bid to set up a wholly-owned securities firm in China on Thursday, demonstrating the country's commitment to further open up its financial markets.
The new brokerage has a registered capital of 1.05 billion yuan ($154.68 million) and would offer services including underwriting and asset management, China Securities Regulatory Commission (CSRC) said in a notice.
This is the third fully foreign-owned securities firm in the country following forays by J.P. Morgan Chase and Goldman Sachs. It is also the 10th foreign-controlled securities firm in the country.
Since 2020, financial companies have accelerated their move into the Chinese market as the country scrapped ownership restrictions on securities and fund management firms.
Also on Thursday, J.P. Morgan Chase received a nod from the CSRC for the full control of its China mutual fund – China International Fund Management Co. The company will merge with the bank's asset management branch.
"This is an extremely exciting development milestone that reflects our long-term and enduring investment and commitment to the Chinese market," said Mary Callahan Erdoes, chief executive officer of J.P. Morgan Chase's Asset & Wealth Management, in a Chinese post on the company's official WeChat account.
Erdoes added that the company looks forward to helping its Chinese customers with global diversification of investment and overseas ones to enter the Chinese market.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466