Zhong De Securities, a joint venture between Deutsche Bank of Germany and Shanxi Securities, said on Jan 6 that it has won China Securities Regulatory Commission's approval to trade in the domestic capital market.

Deutsche Bank owns a 33.3 percent stake in Zhong De through a China subsidiary. The remaining shares in Zhong De are held by Shanxi Securities.

Zhong De has said that its business will focus on the underwriting of Chinese company shares and debts.

Other Western financial institutions that have joint venture affiliates on the mainland include UBS, Goldman Sachs, Morgan Stanley and Credit Suisse.

(China Daily January 6, 2009)