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Finance

Sumitomo Mitsui files to launch Chinese brokerage

Megabank follows Nomura and Daiwa on path for a new securities unit

Shanghai's financial district: China lifted all foreign ownership limits on securities companies in April 2020.   © Reuters

TOKYO -- Sumitomo Mitsui Financial Group has applied to establish a brokerage in China, joining several other Japanese banks in tapping relaxed foreign ownership rules there.

The Japanese megabank and unit SMBC Nikko Securities submitted a joint application dated Tuesday to the China Securities Regulatory Commission. They will ramp up preparations to launch the new company based on the CSRC's decision.

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