Investment Updates News
- Fortune Trust to seek nod to invest abroad
Date: 14-Sep-2007 Sources: (Shenzhen Daily)
FORTUNE Trust Co., a Chinese partner of French bank Societe Generale, said Wednesday that it is preparing to apply for a license that would allow it to invest in overseas markets.
Fortune Trust, the flagship investment arm of Baosteel Group, China's biggest steelmaker, also plans to team up with domestic banks to sell investment products to Chinese individuals, said Zhan Xinghua, executive vice president of the company. The government has allowed financial institutions, including banks, insurers and fund management companies, to help clients invest in overseas capital markets under the qualified domestic institutional investor program.
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