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Great Wall Asset Management Corp will set up a branch in Shanghai next month to tap investment banking business.

 

Great Wall will become the first of China's four asset management companies to extend business from only managing bad assets of the country's four biggest commercial lenders.

 

The new branch, Shanghai Great Wall Investment Holding Co, is expected to be established in Huangpu District as early as the end of next month.

 

The new company, which has a registered capital of 1 billion yuan (US$125 million), will provide all financial services except a banking service.

 

Investment banks usually help companies and governments issue securities, help investors purchase securities, manage financial assets, trade securities and provide financial advice.

 

"The company has wanted for a long time to start its investment banking service in Shanghai," said Jin Zhifeng, in charge of investment at Great Wall.

 

He said Shanghai boasts a sound financial environment. More than 600 financial institutions are in the city, making Shanghai one of China's biggest financial hubs.

 

(Shanghai Daily May 24, 2006)