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Article: BNP Paribas sets up second Chinese joint venture.
- Article from:
- Financial News
- Article date:
- December 30, 2003
CopyrightCOPYRIGHT 2003 Financial News Publishing Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ben Wright
BNP Paribas Asset Management has become the latest Western fund manager to set up shop in China after being granted a license to form a joint venture in the country with a local securities firm.BNP Paribas is teaming up with Shanghai-based Shenyin & Wanguo Securities Corporation. Under the terms of the agreement the French firm will own 33% of the joint venture, the maximum stake allowed under Chinese regulations. Shenyin & Wanguo will own the balance.
The new firm will be called SYWG BNP Paribas Asset Management and has been registered in Shanghai with $12.1m ([euro]9.7m) of capital. The two firms have been working towards this joint ...