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在线翻译:
szdaily -> Markets -> 
Foreign banks may get larger brokerage stake
    2017-11-09  08:53    Shenzhen Daily

CHINA plans to allow global banks to take a stake of up to 51 percent in their onshore securities ventures for the first time and team up with local non-financial firms, sources familiar with the matter said.

The move, if implemented, would form a key part of China’s pledge to ease foreign ownership curbs and would allow banks including Credit Suisse, Goldman Sachs, JP Morgan and UBS to bolster their presence in securities business — from underwriting to trading — in the world’s second-largest economy.

Currently, Western banks can only own up to 49 percent of their Chinese securities joint ventures. That lack of control and limited contribution to revenue have long been a source of consternation.

China Securities Regulatory Commission (CSRC) officials have informally allowed some foreign banks to work on their onshore strategies with the planned easing of equity holding restrictions in mind, two of the sources said.

The details of the plan to give majority control to foreign banks are expected to be finalized and announced once approved by the State Council, they said, declining to be named.

The CSRC, which has been encouraging foreign investment in its bond and stock markets as part of broader efforts to deregulate capital markets, did not immediately respond to a request for comment Tuesday.

“We continue to evaluate viable options to strengthen our position in China in order to better serve our clients,” said a spokeswoman for JP Morgan, which in December sold its 33 percent holding in a China securities venture to its local partner.

JP Morgan, whose other financial services in China include corporate banking and asset management, is in talks to set up a new partnership in China, people with knowledge of the matter said.

Credit Suisse, Goldman Sachs and UBS declined to comment.

It is still possible for the proposal to be altered or even shelved following feedback from senior government officials, one of the sources said, adding the regulator could also take a bank-specific approach in deciding on the ownership issue.

Despite the current ownership curbs, most global banks have waited patiently for the sector to open up more — given its potential. Brokerage revenues in China reached a high of US$41 billion in 2015, according to a report by Quinlan & Associates.

(SD-Agencies)

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