Chinese brokerages, insurers and asset managers are seeking acquisitions opportunities abroad in a bid to cater to the expected rise in overseas investments by mainland individuals and companies.
“We completely embrace internationalization. As our clients expand abroad, of course we want to be there with them,” Financial Times quoted a senior executive at a top mainland brokerage as saying.
Mainland companies have been encouraged to look abroad for growth amid Beijing’s “going out” campaign.
“Strategically it’s about getting the footprint and being able to service Chinese money,” Bill Nichol, head of the financial institutions group in Asia Pacific at Deutsche Bank, was quoted as saying.
“This is the vanguard of Chinese capital moving internationally . . . The aim is to build a Chinese-controlled platform for Chinese capital to move offshore.”
Everbright Securities last month paid US$500 million for a controlling stake in Hong Kong’s Sun Hung Kai Financial. In December 2014, Haitong Securities agreed to buy Lisbon-based investment bank Banco Espirito Santo de Investimento for nearly 500 million euro.
In other deals, Anbang Insurance Group recently bought insurance, banking and asset management businesses in South Korea and Belgium, the report noted.
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