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 Haitong Securities ' acquisition of Banco Espirito Santo de Investimento ( BESI ) represents a different approach to European expansion than its competitors , which have been able to set up their own offices in Macau . Through the acquisition , Haitong became the first mainland Chinese group to undertake a European financial acquisition . BESI 's CEO , # ##berto 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 group could lead to a clash of cultures .