Approved to Jointly Establish a Wealth Management Company with Goldman Sachs
Industrial and Commercial Bank of China Wealth Management Co., Ltd., a wholly-owned subsidiary of Industrial and Commercial Bank of China (the Group), recently received a reply from China Banking and Insurance Regulatory Commission ("CBIRC") approving its plan to jointly establish a Sino-foreign wealth management company with Goldman Sachs Asset Management ("GSAM"). The establishment of the joint venture will help the Group provide more diversified and more professional wealth management services to customers and further strengthen the Group's comprehensive capability in serving the real economy.
The business scope of the joint venture covers public offering of wealth management products to the public and investment & management of entrusted investor property; private placement of wealth management products to qualified investors and investment & management of entrusted investor property; financial advisory and consulting service; and other services approved by the CBIRC.
In recent years, the Group has been actively advancing the transformation of net worth wealth management products, continuously optimizing its product structure. Products and investments that comply with the new regulations on asset management both exceeded RMB1 trillion.
The joint venture, as the largest wealth management subsidiary in the banking system, is the Group's core platform and flagship brand to promote in-depth development of big asset management business.