BNP Paribas has won approval to set up a fully owned securities brokerage in China, the first regulatory green light of its type for months as the eurozone’s biggest bank makes a fresh bid to expand in the country’s financial markets.
China’s Securities Regulatory Commission said in a statement that BNP Paribas’ securities business had been approved in Shanghai with registered capital of Rmb1.1bn ($150m).
Its business would include brokerage, proprietary trading, investment consulting, and securities asset management, the CSRC added.
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