Sydney-based Macquarie last week signed a memorandum of understanding with Hengtei Securities to form a joint venture company. The sides will negotiate final terms in the next few months before submitting a proposal to Chinese regulators for approval.
Macquarie refused to comment. People familiar with the situation, however, said the bank was planning to take a 33 per cent in the company, which will seek permission to underwrite stock and bond sales and provide financial advisory services.
Hengtei is based in Inner Mongolia and has more then 30 branches nationwide.
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