DBS Group’s majority-owned securities joint venture (JV) in China, DBS Securities (China), has received its securities business licence from the China Securities Regulatory Commission (CSRC), allowing it to commence business operations immediately.

The company will operate brokerage, securities investment consulting, securities underwriting and sponsorships, and proprietary trading, providing onshore products and services for domestic and international customers.

“DBS was the first Singapore bank to set up a rep office in China back in 1993 and one of the first foreign banks to be locally incorporated in 2007,” says Piyush Gupta, CEO of DBS Group. “With the establishment of DBS Securities, we will leverage Singapore’s experience as an international financial centre while… supporting our customers in both onshore and offshore capital markets. We hope to continue to facilitate China’s economic growth and look forward to contributing to its ‘dual-circulation’ strategy.”

The registered capital of DBS Securities is 1.5 billion yuan, with DBS Bank as the largest shareholder (51%). Other Chinese shareholders include Donghao Lansheng Investment Management (24.67%), Shanghai Huangpu Investment Holding (13.33%), Shanghai Huiyang Asset Management (6.5%) and Shanghai Huangpu Guidance Fund Equity Investment (4.5%).