16 September 2019

ICBC launches new wealth management product, paper says

Industrial & Commercial Bank of China (ICBC) (01398.HK, 601398.CN) has launched an investment product for high net worth customers that allows them to invest up to 70 percent of their assets directly in bonds and equities, a first in the country, 21st Century Business Herald reported Thursday. Previously, such products invested in trusts that in turn invested in bonds or equities. ICBC’s new wealth management product has an issue size estimated at 7.5 billion yuan (US$1.23 billion). ICBC customers with total net assets of 6 million yuan or above can sign up for the new product with a minimum investment of 100,000 yuan. The bank charges a 0.1 percent annual custody fee, a 0.4 percent annual sales fee and a 0.6 percent fixed annual management fee, the report said.

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