China Minsheng Banking has entered into a partnership with investment and technology development firm D. E. Shaw Group.
Under the partnership, both sides will launch cooperation in the fields of investment strategy and Renminbi private equity.
Established in 1988, D. E. Shaw Group focuses on investing in major industrial countries and emerging markets around the globe. With branches spreading in North America, Europe and Asia, it has invested approximately USD22bn. In recent years, it has attached more importance to the Chinese mainland.
Minsheng Banking has dedicated itself to establishing a private equity financial service platform, providing services such as charging and payment, capital custody, investment banking and cash management.
Available statistics show that private equity accounts for three to four per cent of the GDP in the US, but the proportion in China stands at only 0.2 to 0.3 per cent.