SHANGHAI, June 28 : 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 magazineA pilot scheme could involve at least two of China's largest banks getting the green light from the China Securities Regulatory Commission to conduct investment banking business on the mainland, according toThe Industrial and Commercial Bank of China , the...
Currently, investment banking is off-limits to most Chinese banks, though Bank of China and China Development Bank control brokerage businesses onshore under special arrangements by the government. In addition, many Chinese banks, including ICBC, China Construction Bank and Bank of Communications , operate investment banking through their Hong Kong subsidiaries. - Reuters