French bank BNP Paribas has left its Chinese securities joint venture with Changjiang Securities following disagreements over strategy, the Financial Times reported. BNP has sold its 33% stake to Changjiang for an undisclosed sum, with the two parties saying in a joint statement that they had reached an "amicable consensus". However, one banker familiar with the situation said disagreements had been present ever since the joint venture was founded in 2003. It was one of the first partnerships between a foreign investment bank and a local securities house, although its remit was limited to underwriting bond and equity issues. Only Goldman Sachs, Morgan Stanley and UBS have also managed to enter such agreements.
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