Royal Bank of Scotland (RBS) and Guolian Securities have unveiled a Chinese securities joint venture, Financial Times reports. Huaying Securities will allow RBS to underwrite share and bond issues for initial public offerings in China.
RBS will hold a one-third stake in the venture, while the remaining stake will be held by Guolian Securities. Huaying Securities will offer services for small and medium sized firms in China and tap big fund-raising projects through the proposed marketplace for foreign company listings on the Shanghai Stock Exchange, adds The Wall Street Journal.
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