Royal Bank of Scotland has launched a Chinese securities joint venture, the first of its kind for a UK bank.
The partnership, announced on Monday, follows similar tie-ups for European and American banks in China, and will give RBS a platform to underwrite share and bond issues in the world’s biggest market for initial public offerings.
RBS will hold a one-third stake in the venture, the maximum a foreign firm can own under local rules. Its partner, Guolian Securities, will control the rest.
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