The Royal Bank of Scotland has approached a number of European candidates interested in listing on the pending international board at the Shanghai Stock Exchange.
The move is in line with the launch yesterday of Huaying Securities, a joint venture investment bank between RBS and Guolian Securities, as both companies strive to tap the fast-growing mainland securities market. 'We have prepared a long list of candidates that are likely to seek a listing on the board,' RBS greater China head Lawrence Lam said. 'We should have an advantage in pitching the business since we have a good relationship with potential clients.'
The British lender had a team of investment bankers in Hong Kong responsible for luring European firms to raise funds on markets in Asia, including Shanghai and Hong Kong, Lam said.
RBS secured Beijing's approval to open the joint-venture, allowing it to profit from the rapidly growing underwriting business in the world's largest initial public offering market.
Guolian, based in Wuxi, Jiangsu province, owns two-thirds of the joint venture while the British partner has the remainder. Guolian, whose underwriting business ranked 38th on the mainland in 2009, merged its own investment banking team into the newly created Huaying.
'This joint venture marks another milestone for RBS and its business in the Asia-Pacific,' RBS Asia-Pacific chairman John McCormick said. 'This securities joint venture puts the last piece in our jigsaw puzzle.'