Fortis launches fund, gains banking licenses in China.Dutch-Belgian financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. group Fortis extended its reach into China's market on two fronts--through a new investment joint venture and a Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. banking license. Fortis launched an investment fund with Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. partner Haitong Securities, designed to support small and medium-size enterprises registered in China. The China-Belgium Direct Equity Investment Fund, funded with an initial investment of 10 million euro each from Fortis and Haitong, will be used to buy minority stakes in companies with a turnover of up to 50 million euro, said Fortis. The funding commitments will last from three to seven years. Fortis also said the Shanghai branch of Fortis Bank was granted licenses by the China Banking Regulatory Commission to conduct business in the local currency, the renminbi or yuan Yuan (yüän), river, 540 mi (869 km) long, rising in S Guizhou prov. and flowing generally NE to Donting lake, Hunan prov., SE China. Navigation above Changde is limited by rapids to small craft. . In addition to its China expansion, Fortis has made recent moves to expand in other Asia-Pacific markets. |
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