BNP Paribas has been authorised by the China Securities Regulatory Commission (CSRC) to establish a fully-owned securities brokerage in China, enhancing its presence in the world’s second-largest economy. The approval, granted on Friday, allows the Paris-based financial group to operate a platform in Shanghai with CNY1.1bn in capital. This decision comes three years after the firm initially applied in 2021. The new unit will offer services including securities brokerage, proprietary trading, securities investment consulting, and asset management. “This platform will allow us to enhance our product offerings to both domestic and international clients,” said a BNP Paribas spokesperson.