China's securities regulator plans to grant investment banking licences to commercial lenders as part of efforts to breed industry behemoths in the face of fiercer foreign competition, business magazine Caixin reported.
), the country’s top lender, submitted a plan to CSRC in late 2018 seeking to set up a securities unit with registered capital of 100 billion yuan, Caixin reported.ICBC declined to comment.
Regulators’ desire to break the wall between commercial and investment banking was fuelled by mounting competition from foreign players, according to Caixin.
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