RBS gets a step closer to China's A-share market

The UK bank receives approval to set up a securities joint venture with Guolian Securities, giving it a head start in the domestic Chinese market versus major US banks like Bank of America Merrill Lynch, Citi and J.P. Morgan.

The Royal Bank of Scotland looks set to become the first UK bank to be able to underwrite domestic equity and bond offerings in China after earlier this week receiving the approval to set up a securities joint venture with Guolian Securities.

The approval, which was announced during a visit to China by a UK delegation led by prime minister David Cameron, will allow for the two parties to set up a joint business, but to start operations they will...

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