NEW YORK (
) -- China's largest lender is establishing a beachhead in the U.S. securities market by purchasing a broker-dealer operation, according to a published media report.
Industrial & Commercial Bank of China
has paid $1 for the Prime Dealer Services unit of Fortis Securities, according to a report in
The Wall Street Journal
that cited anonymous sources familiar with the transaction.
The unit is controlled by
BNP Paribas SA
of France and is a small one, with just 75 existing customers, the report said.
ICBC hopes to use the unit to potentially increase its securities underwriting in the U.S. market, the report added, citing the sources.
> > Bull or Bear? Vote in Our Poll
This article was written by a staff member of TheStreet.