Standard Chartered applies to set up securities firm in China

Standard Chartered main branch in Hong Kong. /Reuters

Standard Chartered applied to establish a securities company in China, said the China Securities Regulatory Commission

(CSRC)

on Saturday.

The CSRC did not provide details on its website.

Foreign investors have gained greater access to China's financial market in recent years as the country continue to open up its market and conduct related reforms.

UBS was the first foreign bank approved by the securities regulator to hold the majority stake in its securities joint venture.

JPMorgan Chase Co. got the nod of the regulator to take full control of a joint venture last year after it applied the permission in May 2018. It also won the approval to set up China's first, wholly foreign-owned futures business in June this year.

In addition, China in April this year lifted the limitations on the ratio of foreign shareholding in securities and fund management firms, offering foreign investors new opportunities to better tap the Chinese market.