Privately owned lender China Minsheng Banking Corp is set to open an investment banking unit in Hong Kong, following the receipt of approval from its board of directors.
The plan, intended to capitalize on the increased acceptance of Chinese Renminbi (RMB) in global business, will come into effect after receiving regulatory approval, reported Bloomberg.
Four major banks in the country including ICBC, China Construction Bank, Agricultural Bank of China and Bank of China are already operating their investment banking units in Hong Kong.
Minsheng received a banking license in January 2012 from the Hong Kong Monetary Authority.
The bank offers corporate business, retail business, providing loans, deposits, bank cards, credit cards, wealth management services, investment services, agency fund products, foreign exchange trading, money changing services and private banking business, among others.