TAKING advantage of the growing potential in the Greater China region, Taiwan's President Securities Group and Hong Kong's First Eastern Investment Group have established joint ventures in securities and asset management.
The region includes China, Taiwan and Hong Kong.
The move is in line with the Taiwanese brokerage's drive to become international after it has expanded its domestic network in Taiwan.
'In the next three years, we plan to have 25 to 30 branches in Taiwan from the existing 14 branches,' said the president of President Securities Group, Raymond Tu.
'We also want to go international. The first step is to set up a subsidiary in Hong Kong because the Greater China region is a fast-growing area.' The first venture is called President Securities (International), providing brokerage, corporate finance and fund management services.
With an initial capital of HK$5 million, the venture is 51 per cent owned by President Securities, with the balance held by First Eastern, an investment group formed by its chairman, Victor Chu, and his family.
The venture is able to trade on stock exchanges in China, Hong Kong and Taiwan through its associates. A stockbroking affiliate of First Eastern is an underwriter of B shares in China.
