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Standard Chartered Applies to Set Up Securities Firm in China
Standard Chartered Applies to Set Up Securities Firm in China
12 Oct 2020, 11:12 AM IST
(Bloomberg) -- Standard Chartered Plc applied to establish a securities company in China, the China Securities Regulatory Commission said.
The CSRC received the application on Saturday, it said on its website, without providing details.
China’s 7.26 trillion yuan ($1.1 trillion) securities industry is opening up further to foreign investment banks such as Goldman Sachs Group Inc. and JPMorgan Chase & Co., which are allowed to take full control of ventures in the country this year. That’s likely to provide a jolt to the sector, forcing consolidations and winnowing out those that can’t compete.
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