SYDNEY: Standard Chartered on Friday said it had been granted in-principle approval by the China Securities Regulatory Commission (CSRC) to set up a mainland securities firm.

The bank said the firm would have an initial capital injection of 1.05 billion yuan ($155.69 million) and would cover underwriting, asset management that was restricted to asset-backed securities only, own-account trading and brokerage activities. ($1 = 6.7440 Chinese yuan renminbi) (Reporting by Scott Murdoch; Editing by Muralikumar Anantharaman)