China's Big Four state-owned banks have all announced plans to set up wholly-owned wealth management subsidiaries, bringing the total number of banks with independent wealth management units to nineteen.
The wealth management subsidiary of the Industrial and Commercial Bank of China (ICBC) will be established with a registered capital of 16 billion yuan, while the subsidiary of the Agricultural Bank of China (ABC) will have a registered capital of 12 billion yuan, the two companies said in separate statements filed with the Shanghai Stock Exchange.
"The business scope the subsidiaries include public offering . . .
To continue reading, please subscribe.
We highly value independence. Yuan Talks is solely funded by subscriptions from readers like you.
What you'll get:
- High-quality & in-depth reporting on the most important topics about China's economy and financial markets
- Daily Brief newsletter to give you a full picture of what's happening in China every weekday
- Interviews with China experts
- Conference calls and events
We are not content with general information that you can get everywhere. We go deeper to get details, data and perspectives you won't read elsewhere!
Already have an account? Sign In