Deutsche Bank announced yesterday that its joint securities venture with Shanxi Securities has received a business license from the Chinese regulators, meaning it is now free to launch investment banking services targeted at the domestic Chinese market. The license was granted about six months to the day after the two firms got the approval to set up the JV and makes Deutsche the fifth international bank to gain access to China's equity and bond markets after CLSA, Goldman Sachs, UBS and Credit Suisse.
In accordance with the prevailing Chinese regulations, Deutsche owns 33.3% of the Beijing-based JV -- named Zhong De Securities -- while Shanxi Securities owns the remaining 66.7%. The business license allows...
¬ Haymarket Media Limited. All rights reserved.
