The China Securities Regulatory Commission (CSRC) has granted approval for DBS Group to set up a joint venture securities company.

Singapore-based DBS Group will hold a controlling stake in the new entity named DBS Securities.

DBS Securities will focus on brokerage, securities investment consulting, securities underwriting and sponsorship, and proprietary trading.

The new company aims to offer onshore products and services for domestic, as well as international customers.

DBS Securities is in line with the financial services group’s strategy in China. It will support the long-term development of the group in the country.

The expansion of DBS’ onshore business platforms will enable the company to deliver comprehensive financial services to customers in China.

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DBS Group CEO Piyush Gupta said: “This year marks the 30th anniversary of diplomatic relations between China and Singapore. Likewise, DBS Group has been supporting China’s financial development in the past 30 years.

“The ability to set up a securities company in China represents yet another key milestone, enabling us to make available the best of DBS’ capabilities and offerings, and provide customers in China with a full range of onshore and offshore financial services.”

DBS Hong Kong named Peter Tung as the new head of private banking for Greater China in July this year, replacing Januar Tjandra.

In July, Swiss banking group Credit Suisse also revealed plans to increase its stake in its China securities joint venture to 100%, following the regulatory nod.