HONG KONG — DBS Group Chief Executive Piyush Gupta said on Wednesday (Sept 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 introduced aggressive measures to prop up its ailing economy and capital markets. The largest bank by assets...
A DBS logo on their office building in Singapore, February 22, 2016.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 largest bank by assets in Singapore confirmed that it is the buyer of stakes up for sale by its Chinese joint venture partners, though the transaction is still pending regulatory approval. DBS is the latest among a flurry of foreign banks such as J.P. Morgan and Morgan Stanley, which have moved to raise stakes in securities joint ventures in China, taking advantage of the country's foreign ownership cap.
However, stimulus measures announced by Beijing on Tuesday have boosted prospects for securities companies, with shares of securities brokerages listed in Hong Kong surging in morning trade.
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