(Yicai Global) Jan. 11 -- Societe Generale SA is set to invest CNY1 billion (USD154 million) to establish a joint securities company in China with one or more partners. The French commercial bank giant plans to hold a 51 percent stake in the firm.
The new company will apply for five licenses, including a securities trading one, Economic Observer quoted Societe Generale Deputy Chief Executive Didier Valet as saying during French President Emmanuel Macron's visit to China.
Instead of competing with local securities businesses, the company will introduce China to the innovative financial products of Societe Generale and overseas investment institutions to create value on the Chinese market.
Headquartered in Shanghai, the new group will first recruit about 50 employees. It will take institutional asset management as its core business, rather than initial public offerings or personal brokerage, an Societe Generale insider said.
Macron paid a state visit to China for the first time since taking office from Jan. 8 to Jan. 10. Senior executives from more than 50 large enterprises including Societe Generale joined him to carry out exchanges and foster cooperation with the Chinese business community.