by Selena Li
The Chinese regulator on Friday authorized BNP Paribas BNPP.PA to create a brokerage division 100% owned by the French group, according to official documents.
The subsidiary’s capital reaches 1.1 billion yuan (143 million euros) and the division will be based in Shanghai, according to the documents.
The division will be able to carry out securities brokerage, proprietary trading, investment advice and securities management.
BNP Paribas submitted its project to the Chinese Securities Commission for approval last September.
(Report by Selena Li, French version by Corentin Chappron, edited by Blandine Hénault)