(Bloomberg) -- Nomura Holdings Inc. gained approval to set up a majority-controlled joint securities venture in China, as authorities push ahead with their promise to open the country’s financial system.
The Japanese firm will partner with Shanghai-based Orient International to create a new company, China Securities Regulatory Commission spokesman Chang Depeng said Friday at the regulator’s media briefing.
Foreign firms have been vying for entry into China’s $40 trillion financial market for years, most recently spurred by new promises of opening. Last year, Chinese authorities provided a timeline for foreign firms to increase their holdings in financial institutions including banks, insurers, brokerages and futures firms.
UBS Group AG increased its holding in an existing joint venture in December, becoming the first global bank to win approval for majority control of a securities firm after China announced the relaxation in foreign ownership rules. HSBC Holdings Plc was the first foreign bank to control a securities joint venture in China under a special Hong Kong program.
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