BNP sets up JV investment bank

The French banking group BNP Paribas has won approval to establish a joint venture investment bank in China, the Financial Times said. This is the first such venture approved since China joined the World Trade Organisation and BNP described the move as a milestone for the industry.

BNP’s partner is Changjiang Securities, a regional company based in Wuhan, Hubei province, and linked to the Haier Group, a consumer electronics manufacturer based in Qingdao, Shandong province. Its 1,000 staff are employed in a network of 25 branches based in China’s major cities, as well as throughout Hubei.