Wolters Kluwer Financial Services, a provider of compliance, risk management and audit solutions for the financial services industry, has acquired SASGAS, a provider of financial reporting software solutions to the foreign and domestic bank market in China. Wolters Kluwer Financial Services is acquiring SASGAS through its FRSGlobal business, which provides a unified regulatory reporting and risk management solution for financial organisations across the globe.
SASGAS’ solutions enable foreign banks with branches in China and domestic banks to address local financial regulatory requirements, including those outlined by China State Administration of Foreign Exchange (SAFE), China Banking Regulatory Commission (CBRC) and the People’s Bank of China (PBoC). The acquisition will enable the combined company to serve the growing number of foreign banks expanding into China meet the country’s specific regulatory requirements.
The acquisition expands the presence of Wolters Kluwer, who has been doing business in China for 25 years through the tax, accounting, legal and health markets. Over the last five years, Wolters Kluwer has almost doubled its investment in China. SASGAS was founded in 2002. The company has 20 employees and offices in Shanghai, Beijing, Guangzhou and Shenzhen, China. Financial terms of the deal were not disclosed.
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