Standard Chartered Applies to Set Up Securities Firm in China

A Standard Chartered bank branch in Hong Kong in July 2019. Photo: Bloomberg

(Bloomberg) — Standard Chartered PLC has applied to establish a securities company in China, the China Securities Regulatory Commission (CSRC) said.

The CSRC received the application on Saturday, it said on its website, without providing details.

China’s 7.26 trillion yuan ($1.1 trillion) securities industry is opening up further to foreign investment banks such as Goldman Sachs Group Inc. and JPMorgan Chase & Co., which are allowed to take full control of ventures in the country this year. That’s likely to provide a jolt to the sector, forcing consolidations and winnowing out those that can’t compete.

Contact editor Yang Ge (geyang@caixin.com)

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