(Yicai Global) July 7 -- The Royal Bank of Scotland (RBS) has agreed to transfer its 33.3 percent stake in Hua Ying Securities to Guolian Securities [HKG:1456] for CNY354 million (USD52 million). Hua Ying Securities is a joint venture established by the two companies. 

The Edinburgh-headquartered bank acquired the equity with an initial investment of CNY266.4 million, Guolian Securities said in a statement yesterday. The Hong Kong- listed public company held a 66.7 percent stake in the joint venture, which will become its wholly-owned subsidiary after the equity transfer. 

During the 3rd China-UK Economic and Financial Dialogue held in November 2010, the then vice premier of China, Wang Qishan, and the then British Chancellor of the Exchequer, George Osborne, agreed on a number of business deals, including an agreement on establishing a joint venture brokerage between Guolian and RBS. Hua Ying Securities was incorporated in April 2011 with an initial registered capital of CNY800 million, of which the Chinese company and the British bank contributed 66.7 percent and 33.3 percent, respectively.