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China Development Bank is broadening its horizons, expanding to include an investment arm. On Wednesday, it launched its own securities brokerage.
China Development Bank has acquired brokerage Stockfly Securities, and injected additional capital to established the new China Development Bank Securities. It's only security brokerage in China that's fully controlled by a bank. The registered capital is more than 2.3 billion yuan, and the major business is investment banking. China Development Bank says they have advantages in attracting clients.
|China Development Bank is broadening its horizons, expanding to include an |
investment arm. On Wednesday, it launched its own securities brokerage.
Gao Jian, Chairman of China Dev't Bank Securities said "China Development Bank's customer network is spread all around the country, including central government departments, local government, local departments, State-owned enterprises, large private enterprises, as well as SMEs. Our client network is huge, and it will become the important foundation for us to develop our securities company."
China Development Bank Securities is the result of the bank's efforts at commercial reform. The securities arm will be allowed to utilize loans and other financial tools in the capital market, to mutually cooperate with its parent company.