Money

CDB launches securities unit

(Xinhua)
Updated: 2010-08-26 10:42

BEIJING - China Development Bank (CDB), one of China's main policy banks, launched its securities unit CDB Securities on Wednesday with registered capital of 2.37 billion yuan ($350 million).

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CDB recently received approval from the China Securities Regulatory Commission (CSRC) to acquire Stockfly Securities, a small brokerage firm, which was previously owned by state-owned aircraft manufacturer, China Aviation Industry, for 1.15 billion yuan.

CDB was the first policy lender to receive approval from the State Council, China's Cabinet, to set up a subsidiary to engage in trading securities.