China approves BNP Paribas plan for fully-owned securities brokerage unit

China approves BNP Paribas plan for fully-owned securities brokerage unit

FILE PHOTO: A BNP Paribas logo is seen outside a bank office in Nantes, France, July 16, 2020. REUTERS/Stephane Mahe/File Photo

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.