Standard Chartered looks to set up securities firm in China

Standard Chartered looks to set up securities firm in China

Photographer: Anthony Kwan/Bloomberg

Bloomberg News

11 October, 2020

Standard Chartered Plc applied to establish a securities company in China, the China Securities Regulatory Commission (CSRC) said.The CSRC received the application on Saturday, it said on its website, without providing details.China’s 7.26 trillion yuan ($1.1 trillion) securities industry is opening up further to foreign investment banks such as Goldman Sachs Group Inc. and JPMorgan Chase & Co., which are allowed to take full control of ventures in the country this year.That’s likely to provide a jolt to the sector, forcing consolidations and winnowing out those that can’t compete.

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