BNP Paribas finally exits securities joint venture

The French bank's exit highlights the difficulties with JV structures in China.

The long-rumoured announcement on January 22 that BNP Paribas was transferring its 33% equity stake in Changjiang BNP Paribas Peregrine Securities to the Chinese parent Changjiang Securities has nevertheless shocked observers.

Considering that a long list of blue-chip Western investment banks is scrambling to access ChinaƆs booming securities industry, and that the market has been exceptionally buoyant over the past year, the timing of the deal raises many questions.

Indeed, the Chinese domestic stockmarket is far more lucrative than it...

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