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RBS taps into China’s investment market
The Royal Bank of Scotland Group and its local Chinese partner launched their joint venture Huaying Securities yesterday, hoping to tap a piece of the booming investment banking business in the country. “From today, Huaying is licensed to underwrite and sponsor stocks and bonds issued in mainland China, tapping China’s huge and growing investment banking market,” they said in a statement ahead of a launch ceremony in the eastern city of Wuxi, not far from Shanghai. Foreign players are rushing to get into the lucrative underwriting business in China. In January, the securities regulator approved the joint ventures of J.P. Morgan Chase & Co and Morgan Stanley , enabling the two to underwrite stocks and bonds in the country.