DBS gains regulatory approval to set-up JV securities company in China

It will engage in brokerage and securities investment consulting, amongst other services.
DBS Group has received approval from the China Securities Regulatory Commission (CSRC) to establish DBS Securities (China) Limited, a joint venture securities company in which the group will hold a controlling stake, the bank announced in a press release.
Businesses that DBS Securities (China) will engage in include brokerage, securities investment consulting, securities underwriting and sponsorship, as well as proprietary trading.
“We are very pleased to receive CSRC approval to establish DBS Securities,” said Piyush Gupta, CEO of DBS Group. “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.”
Neil Ge, China head of DBS Group, added that the establishment of DBS Securities will further support the bank’s long-term sustainable development in China.