MERRILL LYNCH OPENS REPRESENTATIVE OFFICE IN SHANGHAI; CHAIRMAN SCHREYER: 'MERRILL LYNCH IS BULLISH ON CHINA'
SHANGHAI, China, March 26 /PRNewswire/ -- Merrill Lynch today opened a Shanghai representative office, becoming the first U.S. securities firm to have an office in the leading financial center of the People's Republic of China. Merrill Lynch received permission earlier this month from the People's Bank of China to open the office, and celebrated the opening today at a reception attended by Chinese business and govenment leaders and company officials. "For us, the opening of this office means taking part in one of the most exciting endeavors of the present century -- the economic development of modern China. It also shows that Merrill Lynch is bullish on China," said William A. Schreyer, chairman of the board, Merrill Lynch & Co., Inc., in remarks at the opening ceremony. Winthrop H. Smith Jr., chairman, Merrill Lynch International, said: "We look forward to expanding our market research on China's economy -- one of the fastest growing in the world -- and to providing advisory and consultation services for international investors on business and investment opportunities here." In addition, Merrill Lynch announced it will host some 20 Chinese financial sector professionals this summer at its New York City headquarters. They will participate in an intensive, five-week training program on all aspects of the global securities markets. Merrill Lynch is one of the largest financial services companies in the world, with 40,000 employees, over 500 offices in 32 countries, and total revenues last year of $13.4 billion. It is the leading global securities underwriter, and provides extensive investment and private banking services to individual investors around the world. The company has been actively involved since 1985 as a lead and co- manager of debt and equity financing for Chinese financial institutions and corporations, including the Bank of China, Bank of Communications, People's Construction Bank of China, China International Trust and Investment Corporation, Guangdong Finance Co., Ltd., Shanghai Erfangji Textile Machinery Co., Ltd., and Brilliance China Automotive Co., Ltd., and participated in the placing of three China investment funds in 1992. Currently Merrill Lynch is global coordinator and lead manger for the international equity offering by Shanghai Petrochemical complex, and the international lead manger of the B-share offerings by a number of the other Chinese companies such as Huaxing Cement Group Ltd. (Hubei), and Shekou Kaifa Technology Ltd. (Shenzhen). Merrill Lynch's Chief Representative in Shanghai will be Zhang Liping, a vice president in the firm's Asia Pacific Region. Merrill Lynch has offices throughout the Asia-Pacific region, in Japan, Hong Kong, Singapore, Taiwan, South Korea and Australia. The company has also established a representative office in Bangkok, Thailand. -0- 3/26/93 /CONTACT: James R. Wiggins, (in Shanghai), 862-1-279-7032, or Fred Yager, (in New York), 212-449-7355, both of Merrill Lynch/ (MER)
CO: Merrill Lynch & Co., Inc. ST: New York IN: FIN SU:
AH-LR -- NY019 -- 0011 03/26/93 10:41 EST
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|Date:||Mar 26, 1993|
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