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BNP Paribas launched its Chinese securities joint venture, Changjiang BNP Paribas Peregrine Securities Co Ltd, with 600 million yuan (US$72 million) in paid-up capital.

BNP Paribas launched its Chinese securities joint venture, Changjiang BNP Paribas Peregrine Securities Co Ltd, with 600 million yuan (72 million dollars) in paid-up capital. [AFP]

Approval from the China Securities Regulatory Commission (CSRC) made it the first foreign bank to act as lead underwriter for equity and debt issues in China, the French banking giant said at a news conference in Shanghai.

BNP Paribas Peregrine chief executive Jean-Claude Bergadaa said prior to the launch that Changjiang's deal flow would be transferred immediately to the joint venture and that he expected the first transaction to be completed within three to four months.

Changjiang is currently one of the 15 largest underwriters in China and the aim is "to be in the top 10 in underwriting in China in terms of equities over the next three years," Bergadaa said.

"It's time for foreigners to get into the market," he said. "Eighty percent of the underwriting in China is done by 10 firms and there are about 2,000 companies waiting to be listed."

The formal announcement of the tie-up marks the latest foray by Western banking giants into China's financial services market.

BNP Paribas Asset Management Co also obtained approval in August from the CSRC to set up a fund management joint venture with China's Shenyin and Wanguo Securities Co Ltd, one of the country's largest brokerages.

Although Bergadaa refused to estimate the average deal size targeted, he said the average underwriting contract would be at least 100 million yuan.

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