Mar 13, 2019 (China Knowledge) - Japanese investment bank Nomura Holdings will soon be cleared to set up a new majority-owned securities joint venture in Shanghai, to become the first newly established foreign-controlled brokerage on the mainland.
The upcoming approval from the China Securities Regulatory Commission (CSRC) comes as part of Beijing’s wider push to provide foreign financial institutions with greater access to the country’s financial markets by allowing them to having controlling interests in their joint ventures.
This ownership limit was raised from 49% to 51% in April last year and the CSRC gave the first approval to UBS to take control of its local securities joint venture in November last year.
For the new joint venture by Nomura, the Japanese investment bank will be holding a 51% stake while the remainder will be held by Shanghai-based state-owned Orient International (Holding) Co. Ltd.
Former vice president of China Reinsurance Group Yu Qing who also worked in the finance ministry for 20 years will be named as Chairman of this new joint venture.
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