Reported about 1 month ago
In a strategic move to strengthen its $1.7 trillion brokerage sector, China is merging two major state-owned brokerages, Guotai Junan Securities and Haitong Securities, creating a new entity with assets totaling 1.6 trillion yuan ($230 billion). This merger follows government encouragement for consolidation within the industry, aiming to develop a few top-tier investment banks to rival Western firms. The merger requires approvals from shareholders and regulatory bodies, amid a challenging economic backdrop affecting brokerage profitability.
Source: YAHOO