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Investing.com-- Abrdn PLC (LON:ABDN) is in advanced talks with China’s China Citic Bank Corp Ltd (HK:0998) to launch a joint venture in the country, Reuters reported on Friday, as the British asset manager looks to strengthen its position in the world’s second largest economy.
Abdrn will hold a majority stake in the venture, while Citic’s unit Citic Wealth will own the remainder of the venture, Reuters reported, citing people with knowledge of the matter. The talks have been ongoing for at least the last two years.
The move comes in contrast to recent decisions by several Western financial institutions to trim their operations in China, amid growing trade tensions with the U.S. under President Donald Trump.
But relations between the UK and China have improved in recent years, especially as Britain looks to court businesses in the wake of a hard exit from the European Union.
High-level economic and financial talks between the UK and China also resumed last month after being frozen for nearly six years.