DBS’ securities joint venture in China will officially commence business operations after receiving its license from the mainland regulator.
Securities joint venture DBS Securities (China) will kick off operations, according to a statement, effective immediately after receiving its securities business license from the China Securities and Regulatory Commission.
The joint venture will operate brokerage, securities investment consulting, securities underwriting and sponsorships, as well as proprietary trading.
China Expansion
DBS joins other global banks to capitalize on China’s market opening especially with regards to the securities business where the likes of J.P. Morgan and Goldman Sachs are seeking to obtain full ownership of their joint ventures.
«Today, DBS Securities is honored to become the first Sino-Singapore securities joint venture,» said DBS group chief executive Piyush Gupta. «We hope to continue to facilitate China’s economic growth and look forward to contributing to its ‘Dual Circulation’ strategy.»
DBS Securities currently has registered capital of 1.5 billion yuan ($230 million) and is majority-owned by DBS (51 percent). Other shareholders include Donghao Lansheng Investment Management (24.67 percent), Shanghai Huangpu Investment Holding (13.33 percent), Shanghai Huiyang Asset Management (6.5 percent) and Shanghai Huangpu Guidance Fund Equity Investment (4.5 percent).
