CCB Cooperates with Galaxy SecuritiesThe China Construction Bank (CCB) and China Galaxy Securities Co. Ltd. signed an agreement Friday to cooperate on a wide range of areas.According to the agreement, the CCB and Galaxy will closely cooperate in securities hypothecated loans, securities capital settlement, capital lending, treasury bond redemption, asset management, financial consultation, investment banking, fund trusting, on-line securities trading and other areas. A spokesman for the CCB said that, as one of the country's four State-owned commercial banks, the CCB has gradually rationalized its resources and established many regional trading networks, and realized bank-wide connections with all trading systems. He said the CCB is committed to fully exploit its advantages in capital strength, and the safety and efficiency of capital transference and advanced networks, to provide securities firms with high-quality financial services. Galaxy Securities Co. Ltd. is China's only fully State-owned comprehensive securities firm, with a good credit rating and in a strong business position. Galaxy Securities Set UpWith the approval of the State Council, China Galaxy Securities Company Ltd., the only State-funded securities company in China, was formally set up on August 16 after half a year of efforts.Sources say China Galaxy Securities Company Ltd. is a nationwide State-funded comprehensive securities company formed by the securities business departments under China Huarong Trust & Investment Corporation, China Great Wall Trust & Investment Corporation, China Oriental Trust & Investment Corporation, China Xinda Trust & Investment Corporation and China Life Insurance Trust & Investment Corporation which are solely-funded by China Industrial and Commercial Bank, Agricultural Bank of China, Bank of China, China Construction Bank and China Life Insurance Company. The company has registered capital of 4.5 billion yuan and established 174 securities business departments in 56 cities nationwide, it is a firm currently embracing most business departments. In the first half of this year, the total volume of A-share fund handled by the company hit 483.8 billion yuan, accounting for 6.5 percent of the total business volume of Shanghai and Shenzhen Exchanges and ranking first in China. |
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