RBS opens in China

RBS opens securities JV in China

Royal Bank of Scotland opens the doors to its new joint venture in China, hoping to ride the mainland’s booming IPO market.

Royal Bank of Scotland has opened its China securities joint venture with Guolian Securities, making it the first British-based bank with a licence to underwrite stocks and bonds issued in mainland China.

The new entity is called Huaying Securities and is based in Wuxi, which RBS described in a release as “a booming city bordering Shanghai”. Even so, RBS’s ambitions are not limited to Wuxi or even Jiangsu province it hopes to source investment banking business throughout China in a bid to capture a slice of the country’s red-hot IPO market and compete with the banks already running securities operations on the mainland, namely Goldman Sachs, UBS, Credit...

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