NEWS > Business
Changjiang takes over indebted brokerage
2005-01-26 05:25:45 XinhuaEnglish

BEIJING, Jan. 26-- Changjiang Securities, BNP Paribas・s partner in China, had taken over indebted domestic rival Eagle, the market regulator said Tuesday, in the latest government-led move to shore up the loss-making industry.

Changjiang, majority owner of a US$72.5 million brokerage venture with France・s BNP Paribas, has been appointed by regulators to take over daily operations at
Eagle Securities, an official with the China Securities Regulatory Commission(CSRC) said.

The government launched a long-awaited shake-up of the overcrowded brokerage industry by seizing control of Southern Securities, the country・s fifth-biggest trading house, in early 2004. It has picked up the pace of overhaul since, via closures and mergers involving about 10 players so far.

:As Eagle Securities・ operations are seriously out of order and it carries an extremely high level of financial risk, the regulator has decided to hand over its operations to Changjiang Securities,; the China Securities Journal reported.

Regulators have appointed accountants to clear Eagle・s debts, according to a statement posted in the newspaper by a committee established to settle its accounts.

The newspaper cited the CSRC as saying that it revoked Eagle・s business license and that Eagle・s lenders could begin to register claims against the brokerage.

Changjiang is overseeing Eagle・s brokerage operations at the request of the CSRC and expects the work to be done in the first half of this year.

(Source: Shenzhen Daily/Agencies)

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