abn-amro-signs-deal-with-chinas-haitong-securities

ABN AMRO signs deal with ChinaÆs Haitong Securities

But the chances of a takeover by the Dutch bank look slim.
June 05, 2006
In short statement issued Monday ABN AMRO announced that it had signed a memorandum of understanding with ChinaÆs fourth-largest broker by income in 2004, Shanghai-based Haitong Securities, to explore partnerships in securitisation, international capital raising, advisory and brokerage.

The agreement reflects the eagerness of many foreign financial services providers to penetrate China.
The attractions of Haitong are obvious. ItÆs got a relatively good reputation it is undergoing restructuring and it is established in the wealthiest part of China û close to the bustling private companies of Jiangsu and Zhejiang as well as to the Shanghai stock market, currently on a bull run.

But Zuo Xiaolei, chief economist at Galaxy Securities in Beijing, is sceptical...
¬ Haymarket Media Limited. All rights reserved.

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