HONG KONG: DBS Group Chief Executive Piyush Gupta said on Wednesday (Sep 25) it is in the process of increasing ownership in its China securities joint venture to 91 per cent from 51 per cent. The comments came a day after China
HONG KONG: DBS Group Chief Executive Piyush Gupta said on Wednesday it is in the process of increasing ownership in its China securities joint venture to 91 per cent from 51 per cent.
The bank plans to maintain a 91 per cent holding in the platform, as it sees its Chinese partners bringing value to the business, Gupta told reporters a briefing in Hong Kong. Four Chinese shareholders of DBS Securities China auctioned off a total of 40 per cent of the joint venture in July, with an asking price of 408 million yuan , according to information from Shanghai United Assets and Equity Exchange.The move to raise shares in the China unit came as a slowing economy and sluggish markets squeezed the profitability of securities companies operating in China.
China's central bank said it's introducing a swap programme sized at an initial 500 billion yuan , which will allow funds, insurers and securities brokers easier access to funding in order to buy stocks.
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