Date
17 September 2019
China's largest commercial bank is expected to kick off operations in its wealth management unit soon. Photo: Bloomberg
China's largest commercial bank is expected to kick off operations in its wealth management unit soon. Photo: Bloomberg

ICBC wins nod to set up wealth management unit

Industrial and Commercial Bank of China (ICBC), the country’s biggest-listed lender by assets, has won approval to set up a wealth management unit, Reuters reports.

China’s five major commercial banks that have won a green light to set up wealth management units are preparing to launch operations, the China Banking and Insurance regulatory Commission was quoted as saying in a statement on its website Sunday.

More banks have submitted applications for establishing such subsidiaries, the regulator said but did not give further details.

In December, China issued rules for commercial banks’ wealth management subsidiaries to strengthen their risk management and support the real economy.

– Contact us at [email protected]

RC