SHANGHAI - China's securities regulator plans to grant investment banking licenses to commercial lenders as part of efforts to breed industry behemoths in the face of fiercer foreign competition, business magazine Caixin reported.
The Industrial and Commercial Bank of China , the country's top lender, submitted a plan to CSRC in late 2018 seeking to set up a securities unit with registered capital of 100 billion yuan , Caixin reported.ICBC declined to comment. CSRC didn't return an emailed request for comment. China scrapped foreign ownership caps in the brokerage business earlier this year as part efforts to fully open its US$40 trillion financial industry.
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