BNP Paribas has submitted an application with Chinese securities regulator to set up a securities company in the country as it opens up its capital markets.
The application filed with China Securities Regulatory Commission (CSRC) did not mention the details of the shareholding structure, Reuters reported.
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BNP Paribas first revealed its plans to enter the securities trading business in China in 2019.
“BNP Paribas continues to explore all of its options for growth in the China market, where we have had a long-standing presence and developed a fully-fledged corporate and institutional banking business, as well as a successful asset management joint venture,” the French bank stated in an email to the news agency.
The French lender also said it seeking to ‘enhance its local capabilities and delivery to clients in mainland China’ as part of its future growth.
China moves by other firms
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By GlobalDataChina officially nixed its limits on foreign ownership of securities companies in April last year.
The opening up of China’s securities sector attracted interest from a number of foreign players and may are looking to bulk up their holdings in their Chinese ventures towards full control.
Last December, American investment bank Goldman Sachs has signed an agreement to take 100% control of its securities joint venture (JV) in China.
Last October, British bank Standard Chartered submitted an application for a brokerage licence with the CSRC.
In September last year, the CSRC granted approval for DBS Group to set up a joint venture securities company.
The same month, it was reported that JPMorgan is looking to increase its holding in its securities JV in China to 71%.
In July 2020, a Reuters report said Swiss banking group Credit Suisse is planning to increase its stake in its China securities JV to 100% after securing the regulatory nod.
