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Calyon Financial, CITIC East China to set up futures JV

(XFN-Asia)
Updated: 2007-03-27 16:44

Calyon Financial Hong Kong Ltd and CITIC East China (Group) Corp announced they have signed a joint venture (JV) agreement to form a new futures brokerage. They said CITIC East China will be the majority shareholder.

Calyon Financial Hong Kong is a part of the Calyon Financial Group, which is wholly owned by Calyon Credit Agricole CIB and part of the Credit Agricole Group in France.

The joint venture now awaits approval from the China Securities Regulatory Commission. If all approvals are obtained, the joint venture may become the first futures brokerage in Shanghai and second futures brokerage in China that is jointly owned by a Chinese firm and a Hong Kong brokerage, the two companies said in a joint statement.