Germany-based Deutsche Bank and Shanxi Securities Company have announced that their agreement to form a new securities joint venture has been approved by the China Securities Regulatory Commission.
The joint venture, named “Zhong De Securities Company”, will be registered and principally located in Beijing, China. Under the terms of the agreement, Shanxi Securities Company will hold a 66.7% interest with the remaining 33.3% being held by Deutsche Bank.
Deutsche Bank said that the approval provides the bank with access to China’s attractive securities market. The scope of business includes underwriting and sponsorship of shares and other businesses as may be approved by the China Securities Regulatory Commission (CSRC).
Colin Grassie, CEO of Deutsche Bank for Asia-Pacific, said: This approval is particularly significant in that the joint venture with Shanxi Securities is the last major license we require to enable the bank’s core global businesses to operate in China. We are delighted to have partnered with Shanxi Securities and look forward to a long and successful partnership.
Zhang Guanghui, chairman of Shanxi Securities Company, said: The establishment of the joint venture between Shanxi and Deutsche Bank elevates Shanxi’s business to a new level and will deliver first class services to domestic clients.
