Friday, March 29, 2024
News

Western banks, mutual funds rush to enter China despite hostile environment

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Sunday, 2022 8:45:10 PM IST
For many companies, doing business in China is getting trickier by the day. But Western banks and asset managers are more than willing to up their bets on the world's second biggest economy, convinced that the opportunities remain too good to pass up, CNN reported.

Major banks in recent weeks have inked deals to expand their footprint in China or are otherwise attempting to take greater control of their businesses there after years of being forced to enter the market via joint ventures. That's despite fraught geopolitics, a slowing economy and an increasingly hostile environment for private business, the report said.

Late last month, HSBC received approval from Chinese regulators to take full control of its life insurance joint venture, which was created in 2009 in equal partnership with a Chinese company under rules that were rolled back in 2020.

The bank said the move underscored its "commitment to expanding business in China".

HSBC isn't the only one. Wall Street A-listers such as BlackRock, JPMorgan and Goldman Sachs are already a few steps down that road. And the state-owned China Securities Journal reportedlast week that Deutsche Bank wants to establish its own wealth management joint venture in the country.

The German bank declined to comment, CNN reported.

"The sheer size of China's virtually untapped equity and bond market is irresistible to the world's large financial institutions, especially since Beijing is finally allowing them to operate wholly owned mutual funds," said Alex Capri, a research fellow at the Hinrich Foundation.

--IANS san/ksk/

( 267 Words)

2022-01-16-14:46:05 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE WORLD NEWS
US destroys four drones launched by Iran...
Columbia expels Argentina's diplomats af...
45 people die after bus carrying Easter ...
Executive meddling in judicial affairs w...
Biden administration approves USD 60mn i...
'This will not take hours, weeks...We ha...
More...
 
INDIA WORLD ASIA
'A govt that can't protect life...,' Akh...
J-K: LG Manoj Sinha expresses deep shock...
'ED wants AAP's Lok Sabha strategy from ...
Madhya Pradesh: Crime branch confiscates...
BJP's Ravi Shankar Prasad backs letter b...
'Today justice has been served': Wife of...
More...    
 
 Top Stories
"Looking forward to restoring ties ... 
AIADMK's Edappadi K. Palaniswami op... 
"I'm getting fed up...": Adnan Sami... 
"It's going to be nice match-up": S... 
INDIA bloc holds protest against Ke... 
Madhya Pradesh: CM Mohan Yadav to p... 
Russian security services knew of I... 
Foreign investors turn net buyers i...