While Chinese fund houses have been setting up London offices as they attempt to crack the European market, Haitong Securities has bucked the trend. Haitong,...
Reports highlight how Banco Espirito acquisition of Haitong Securities' Santo de Investimento (BESI) represents a different approach to European expansion than its competitors, which have been moving to set up their own offices in Europe. Through the acquisition, Haitong became the first mainland Chinese group to make a European financial acquisition. BESI's CEO, Luis Luna Vaz, has said that the bank's acquisition by Haitong could facilitate better access to existing European clients for Haitong than its competitors, adding that it was important for Haitong to differentiate itself from its competitors. Vaz also dismissed the notion that the acquisition by the Chinese firm could lead to a clash of cultures.