Royal Bank of Scotland is seeking a securities licence in China as part of plans to refashion its mainland business following the disbanding of a key strategic partnership.
The UK bank has signed a securities joint venture deal with a local partner and applied to Beijing for regulatory approval, according to people familiar with the matter.
Several foreign banks, including JPMorgan and Barclays, are scrambling to obtain mainland licences for securities joint ventures able to underwrite initial public offerings and trade domestic stocks. Only a handful have received licences so far.
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