BNP Paribas has received approval from the Chinese securities watchdog to set up a wholly-owned securities brokerage arm in China, the latest foreign financial firm making inroads into the world’s second largest economy.
China Securities Regulatory Commission (CSRC) granted its permission to the Paris-headquartered financial group on Friday, official regulatory record showed.
“BNP Paribas welcomes this decision from the China regulators and remains committed to exploring opportunities for growth in the China market,” a company spokesperson told Reuters.
“This platform will allow us to further enhance our product and solution offering to both domestic and international clients.”
The green light came about three years after the French firm applied with the CSRC in 2021.
The unit, fully-owned by BNP Paribas, with 1.1 billion yuan ($152 million) in registered capital, will be established in Shanghai, according to the record.
The platform is permitted to conduct securities brokerage, proprietary trading, securities investment consulting and securities asset management.
($1 = 7.2385 Chinese yuan renminbi)
Reuters
