Singapore’s DBS Bank Wins Approval for Majority-Owned Chinese Securities Venture
What’s new: Singaporean banking giant DBS Bank Ltd. has won regulatory approval to set up a majority-owned securities joint venture on the Chinese mainland, one of the latest foreign companies to benefit from China’s financial opening-up.
The bank will own 51% of the new venture, with the remaining stakes controlled by four Shanghai companies, according to a statement (link in Chinese) by the China Securities Regulatory Commission (CSRC).
What’s the background: DBS has become the eighth foreign company to take majority ownership of a securities venture on the mainland.
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