China approves ICBC-Goldman joint venture to start offering wealth management services

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People visit the booth of the Industrial and Commercial Bank of China (ICBC) at the 2021 China International Trade in Services Exhibition (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo

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June 24 (Reuters) – The Industrial and Commercial Bank of China (601398.SS), (1398.HK) (ICBC) said on Friday that its wealth management joint venture with Goldman Sachs Group Inc (GS.N) had received the approval from the country’s banking regulator. approval to begin operations.

The green light from the China Banking and Insurance Regulatory Commission (CBIRC) comes as the world’s second-largest economy opens its giant financial sector to investment from foreign players, allowing them to collaborate with domestic banks.

Goldman Sachs ICBC Wealth Management, established in May last year with a 51% financial contribution from US banking giant Goldman and 49% from ICBC, will now offer a wide range of investment products to the Chinese market over the time, including quantitative investment strategies. Read more

ICBC will “promote” the joint venture to carry out all relevant procedures “in strict compliance with laws, regulations and regulatory requirements,” China’s largest bank said in a statement.

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Reporting by Sameer Manekar in Bengaluru; Editing by Maju Samuel

Our standards: The Thomson Reuters Trust Principles.

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