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 . . .
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