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HSBC Obtains Approval for Securities Joint Venture in China
HSBC has finally been given the approval from the China Securities Regulatory Commission for its securities joint venture in China, becoming the first foreign bank to receive approval for a majority-owned JV.
“HSBC owns 51% in the JV company, known as HSBC Qianhai Securities.”
HSBC owns 51% in the JV company, known as HSBC Qianhai Securities. Qianhai Financial Holdings owns the remaining 49% stake. The JV is located in Shenzhen’s Qianhai district. It is expected to start operations by the end of the year.
The Hong Kong and Shanghai Banking Corporation Limited (NYSE:HSBC) was established in 1865 to finance the growing trade between Europe, India and China. HSBC was born from one simple idea – a local bank serving international needs. Today, it covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America with around 4400 offices in both established and emerging markets, serving around 46 million customers through the Four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking.
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