Global banks grapple with China joint ventures

Offshore lenders weigh raising stakes in local securities houses despite tight margins

In 2006, as Beijing was getting ready to host the Olympic Games two years later, Wang Qishan, the city’s mayor, encountered a problem from an unlikely quarter: a state-run but struggling securities house called Beijing Securities.

Wang, who was later to become China’s anti-corruption tsar, wanted to avert the danger of an embarrassing run on a state-owned firm during or in the lead-up to the event and called in UBS to bail out the firm, which the Swiss bank duly did.

“Wang didn’t want to end

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here