China Minsheng to do investment banking in Hong Kong

Internationalization of the renminbi fuels move.

Privately owned bank China Minsheng Banking Corporation will open an investment banking unit in Hong Kong, after receiving approval from its board of directors. Minsheng is the first non-government bank in China and is based in Beijing.

The move to open a Hong Kong branch will take advantage of the wider acceptance of the renminbi in global business. The branch will open after receiving regulatory approval.

China's Big Four state owned banks (ICBC, China Construction Bank, Agricultural Bank of China and Bank of China) already have investment banking units in Hong Kong. Minsheng received a banking license from the Hong Kong Monetary Authority last year.

Misheng provides loans, deposits, bank cards, credit cards, wealth management services, investment services, agency fund products and foreign exchange trading, among others.