China Development Bank (CDB), one of China's main policy banks, launched its securities unit CDB Securities on Wednesday with registered capital of 2.37 billion yuan (350 million U.S. dollars).
CDB recently received approval from the China Securities Regulatory Commission (CSRC) to acquire Stockfly Securities, a small brokerage firm, which was previously owned by state-owned aircraft manufacturer, China Aviation Industry, for 1.15 billion yuan.
CDB was the first policy lender to receive approval from the State Council, China's Cabinet, to set up a subsidiary to engage in trading securities.
