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Commerzbank eyes China market
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Yang Yunfei
COMMERZBANK, Germany's fifth-largest bank, on Friday signed a fund management co-operation agreement with China Southern Securities Corp to gain a foothold in China's fledgling but rapidly developing fund management market.
According to the agreement, Commerzbank will help the Shenzhen-based firm strengthen asset management and provide a broad range of financial services, including consultancy and training services.
The technical co-operation was seen as a step towards a joint venture between the two parties once China opens its equity markets after entry to the World Trade Organization, expected this year.
"The co-operation agreement is an important step for Commerzbank towards establishing itself at an early stage in this growth market," said Heinz Hockmann, Commerzbank's board member responsible for asset management.
Commerzbank has funds totalling US$124 billion under management globally, while China Southern Securities Corp is among the top five securities houses in China.
Minority foreign-owned joint ventures will be gradually allowed to engage in China's potentially lucrative fund management business.
Many foreign finance firms aiming to expand into China's financial markets have already teamed up with some local securities houses and fund firms, with foreign firms providing know-how to their Chinese counterparts.
German financial giant Dresdner Bank is working with leading Chinese brokerage Guotai Jun'an, while Shanghai-based Hua'an Fund Management has joined hands with JP Morgan.
The Hong Kong asset management unit of HSBC, the world's second-biggest bank, signed an agreement with Shenzhen-based China Southern Fund Management last month to share information and experience on fund management.
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