China to Offer Brokerage Licenses to Commercial Banks: Caixin
(Bloomberg) -- China plans to offer brokerage licenses to commercial banks, Caixin reported, as the country is trying to foster “aircraft-carrier sized” brokerages amid the opening up of its finance market to global firms.
The China Securities Regulatory Commission may select at least two big-sized commercial banks to pilot the establishment of brokerage businesses, according to a report from Caixin, citing a source it didn’t identify.
The CSRC said late last year that it wanted to create investment banks of an “aircraft-carrier size” to compete, as well as promote an international expansion of its brokerage industry.
In a recent move, China is in talks to merge the two biggest state-owned brokerages -- Citic Securities Co. and CSC Financial Co. -- according to people familiar with the plans.
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