Royal Bank of Scotland has opened its China securities joint venture with Guolian Securities, making it the first British-based bank with a licence to underwrite stocks and bonds issued in mainland China.
The new entity is called Huaying Securities and is based in Wuxi, which RBS described in a release as “a booming city bordering Shanghai”. Even so, RBS’s ambitions are not limited to Wuxi or even Jiangsu province it hopes to source investment banking business throughout China in a bid to capture a slice of the country’s red-hot IPO market and compete with the banks already running securities operations on the mainland, namely Goldman Sachs, UBS, Credit...
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