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SocGen eyes securities JV in China

Société Générale SA is looking to set up a securities joint venture in China, in which it will hold a 51% stake, China Daily reported May 15, citing the 21st Business Herald, which in turn quoted CEO Frédéric Oudéa.

The French financial services company is planning to engage more in the onshore bond business, particularly green financing, and facilitate Chinese companies' expansion abroad, Oudéa said. It also seeks to tap opportunities in the country as the government moves to further open up the local financial sector to foreign players.

SocGen is the latest foreign company to seek for a controlling stake in a Chinese brokerage following a rule revision that allowed overseas companies to own up to 51% of a securities firm, up from the prior cap of 49%. Japan's Nomura Holdings Inc. and JPMorgan Chase & Co. unit J.P. Morgan Broking (Hong Kong) Ltd. both applied with the local securities regulator to set up a securities joint venture, while Switzerland-based UBS Group AG applied to hold a majority stake in its existing venture.