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FRENCH banking major BNP Paribas will establish a new securities unit in China after it left a local joint venture 17 years ago, reports Hong Kong’s South China Morning Post.
The bank will initially focus on building out its brokerage, research and asset management units after receiving regulatory approval last week.
The firm has opted not to expand its onshore investment banking business due to the excessive costs and a dismal outlook for deals, said the report.
The Paris-based lender is leveraging its European status to slowly expand in China even as some Wall Street firms scale back amid growing US-China tensions.
In the past two years, Morgan Stanley, Goldman Sachs and JPMorgan have all made rounds of job cuts in Hong Kong and China, mostly in their investment-banking business.
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