DBS Securities (China), DBS Group Holdings’ majority-owned securities joint venture in China has received its securities business license from the China Securities Regulatory Commission (CSRC).
It will officially commence business operations on June 7.
The company will operate brokerage services, securities investment consulting, securities underwriting and sponsorships, as well as proprietary trading.
DBS Bank is the largest shareholder in DBS Securities with a 51% stake. Other Chinese stakeholders in the company include Donghao Lansheng Investment Management Co, Shanghai Huangpu Investment Holding, Shanghai Huiyang Asset Management Co and Shanghai Huangpu Guidance Fund Equity Investment Co.
“DBS was the first Singapore bank to set up a rep office in China back in 1993 and one of the first foreign banks to be locally incorporated in 2007. Today, DBS Securities is honoured to become the first Sino-Singapore securities joint venture,” says DBS Group CEO Piyush Gupta.
“With the establishment of DBS Securities, we will leverage Singapore’s experience as an international financial center while making available the best of DBS’ capabilities and offerings to support our customers in both onshore and offshore capital markets. We hope to continue to facilitate China’s economic growth and look forward to contributing to its ‘Dual Circulation’ strategy,” he adds.
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“The establishment of DBS Securities will further support the long-term development of DBS Group in China. With the continuous expansion of DBS’ onshore business platforms, the Group is dedicated to providing more comprehensive financial services to Chinese customers,” says Neil Ge, China head of DBS Group.
Shares in DBS closed 63 cents higher or 2.1% up at $30.34 on June 7.
Cover photo: DBS
