StanChart eyes China push

摘要

STANDARD CHARTERED has applied to set up a securities brokerage in China, becoming the latest new entrant in the industry following the recent relaxation of rules there. The China Securities Regulatory Commission said on its website last week it had received the application. "China is a strategically important market to Standard Chartered. We have always been active in its capital markets and are looking to further develop our onshore business through acquiring new licences," a spokesperson for the bank said. He declined to give further details. The announcement that StanChart is applying to set up a securities firm in China came as a surprise given that most international banks have primarily used their securities joint ventures in China to-date to grow their equities businesses onshore. StanChart shut most of its equities platform in 2015.