Citigroup and HSBC have won approval to sell local mutual funds within China, a breakthrough for foreign banks largely locked out of the domestic retail investment market.
Both banks will now be able to offer fund products designed by local fund managers to retail, corporate and institutional clients.
It is a small step in opening Chinese financial markets to foreign groups but one that both Citi and HSBC described as important to furthering their ambitions in China. Global banks have struggled to make headway in the Chinese market and hold less than 2 per cent of the industry’s assets.
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