TORONTO – Scotiabank (TSX:BNS) said Friday that its fund management joint venture with the Bank of Beijing has received regulatory approval for a license to operate in China.
The Canadian bank said it is the first fund management license issued in China under a new round of pilot programs allowing commercial banks to set up fund management companies.
The Bank of Beijing holds a majority stake in the joint venture while Scotiabank and Chinese company General Research Institute for Nonferrous Metals both hold a minority interest.
Scotiabank is still waiting for regulatory approval of its purchase of a 19.99 per cent stake in the Bank of Guangzhou that was announced in September 2011.
Scotiabank holds a 19 per cent stake in the Bank of Xi’an.