In practice, a combination of well-entrenched local companies and an opaque regulatory regime means global banks will move only very cautiously to exploit the new rules, bankers and lawyers said. The China Banking Regulatory Commission (CBRC) did not respond to a request for comment. Securities joint venturesOne area with potential could be the securities joint ventures operated by big global investment banks in partnership with local players, industry insiders said. UBS Securities, the bank’s China joint venture, was ranked 85th in China with profit of about $14 million last year, even as it remains an investment banking powerhouse in Asia. The China Securities Regulatory Commission did not immediately respond to a Reuters request for comment.

Source: The Express Tribune November 17, 2017 07:41 UTC