Haitong Securities plans to expand in Europe from Lisbon base

The Chinese group Haitong Securities plans to make Lisbon the European base of Haitong Bank, the new name given to the newly acquired BESI. Moreover it’s looking to expand in the European market, both organically and through more acquisitions, according to the Financial Times.
The deed of purchase of Banco Espírito Santo de Investimento (BESI) by the Chinese group was signed last week, after approval of various regulators, including Portuguese, European and Brazilian, ending a process that began in December 2014, which involved investment of 379 million euros.
Hiroki Miyazato, Deputy Executive Chairman of the Haitong Securities Group, told the FT that after completion of the BESI acquisition the investment bank is now strengthening its staff aggressively, planning double staff in the next three years, from 800 to over 1,600 people.
The recent volatility in the Chinese markets, Miyazato told the Financial Times, will not change expansion plans and actually makes it possible to forecast increased demand for investment banking services.
“I see this short-term market trend to have an impact on the long-term trend towards internationalization of Chinese enterprises,” the deputy executive chairman of Haitong said.
In Haitong Securities “sights” is the acquisition of a European asset holding company and a US investment firm to add to the BESI structure, the biggest and most internationalized Portuguese investment bank, now renamed Haitong Bank.
“We want to increase our UK presence, one of the world’s major markets,” Miyazato said.
In recent weeks, Haitong Bank made 20 new hires for its London office, which has about 100 people.
In addition to the acquisition of an asset manager to strengthen the supply of such services, Haitong Bank intends to become a leading provider of off-shore services in yuan, from London.
Other areas to expand, according to the deputy chairman of Haitong, are analysis and mergers and acquisitions.  MDT/Macauhub