China's ICBC Obtains Authorization to Set up Wealth Administration Unit

© Reuters. FILE PHOTO – The brand of the Industrial and Industrial Financial institution of China (ICBC) is seen in its Beijing department

BEIJING (Reuters) – The Industrial and Industrial Financial institution of China (ICBC), the nation's greatest lender, has been granted permission to arrange a wealth administration unit, the Chinese language regulator financial institution and insurance coverage.

The 5 main Chinese language industrial banks which were given the go-ahead to create wealth administration models are making ready to launch operations, the China Banking and Insurance coverage Regulatory Fee mentioned in a press release launched on Tuesday. web page,

Purposes have been made for the creation of such subsidiaries, the regulator mentioned, with out giving additional particulars.

In December, China issued guidelines for wealth administration subsidiaries of business banks to strengthen the administration of their dangers and assist the true economic system.

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