Home China Headline Broker restarts investment bank after buying JV

Broker restarts investment bank after buying JV

Changjiang Securities Co has restarted its investment-banking business after buying a joint venture and is now recruiting nationwide, sources said yesterday. The Hubei Province-based stock broker has renamed the Shanghai-based underwriting venture as Changjiang Financing Services Co, which has a registered capital of 600 million yuan (US$77.6 million), the sources said. Changjiang and BNP Paribas SA in 2003 set up Changjiang BNP Paribas Peregrine Securities Ltd, which took over most of the Chinese broker's investment-banking business. The partners said in January that BNP Paribas, France's biggest lender, agreed to transfer its 33 percent stake in the joint venture to Changjiang. But they did not disclose financial terms. Industry insiders said that the partners differed over the venture's management and development and Changjiang was also disappointed with the firm's slow growth. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

< Prev		Next >