France's BNP Paribas, the largest bank in the Eurozone in market capitalization and net income, launched a new securities JV in Shanghai.
The new firm, Changjiang BNP Paribas Peregrine Securities, will be 33 percent owned by BNP Paribas, with the remaining majority stake held by Changjiang Securities.
It will provide a wide range of financial services covering offerings and underwriting of securities in the domestic market, financial advisory services, mergers and acquisitions, BNP said.
In addition, the company said it had bought out all shares in a 50-50 banking JV launched in 1992 in Shanghai with the Industrial and Commercial Bank of China and that it would open another JV with Shanghai-based Shenyin & Wanguo, one of China's leading brokerages, before the end of the year.