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RBS-China Joint Venture

BritCham / CBBC
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Royal Bank of Scotland and Chinese securities firm Guolian recently launched a joint venture in the financial services sector.

RBS will own a 33% stake in the venture, to be known as Hua Ying securities, based two hours from Shanghai in Wuxi, Jiangsu Province.

RBS is the first UK bank and seventh internationally to get approval in China’s investment banking sector; Morgan Stanley, UBS, Deutsche Bank, CLSA Asia Pacific, Credit Suisse and Goldman Sachs have also received approval to set up securities ventures in China.

China is an important part of RBS Asia Strategy and it is seeking to re-enter the China market after it was forced to sell a 1.9bn pound stake in the Bank of China; a result of the government bailout during the financial crisis in 2009.

John McCormik, UBS China boss has stated that the venture will help UK companies access China’s deep root of capital and allow Chinese investors to gain access to foreign companies, equities and debt.

 

Source: BBC News

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