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StanChart seeks brokerage licence in China; looks to further develop onshore business

The China Securities Regulatory Commission (CSRC), the country's top securities watchdog, had accepted the application from StanChart HK on Oct. 10 to set up a securities firm in the mainland

twitter-logoReuters | October 12, 2020 | Updated 10:48 IST
StanChart seeks brokerage licence in China; looks to further develop onshore business
The HK unit of StanChart told that it was "looking to further develop onshore business through acquiring new licences"

The Hong Kong unit of Standard Chartered has applied for a brokerage licence in mainland China, the state-backed Xinhua News Agency reported on Monday.

The China Securities Regulatory Commission (CSRC), the country's top securities watchdog, had accepted the application from StanChart HK on Oct. 10 to set up a securities firm in the mainland, Xinhua reported.

The HK unit of StanChart told Reuters in an email that it was "looking to further develop onshore business through acquiring new licences".

Beijing scrapped foreign ownership caps on securities firms and mutual funds for foreign investors on April 1, part of an interim Sino-U.S. trade deal signed in January.

The U.K.-headquartered bank backed a controversial Chinese national security law for Hong Kong and saw its share price tumble last month due to political uncertainties.

Also read: Microsoft makes work from home policy permanent for some staff

Also read: HSBC, Standard Chartered shares tumble to lowest since 1998 over allegations of illicit funds

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