Goldman Sachs ICBC Wealth Management Approved to Commence Operations

The CBIRC (China Banking and Insurance Regulatory Commission) has granted approval to ICBC and Goldman Sachs allowing them to begin operations of their wealth management joint venture.

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Goldman Sachs ICBC Wealth Management, set up in May last year, is 51 percent owned by Goldman and 49 percet by ICBC. The joint venture has a registered capital of CNY 1 billion.

With the approval, the joint venture will be able to offer a broad range of investment products to the Chinese market over time, including quantitative investment strategies and wealth management products.

ICBC will "push forward" the joint venture to implement the relevant procedures in strict compliance with laws, regulations, and regulatory requirements, the bank said in a stock exchange filing.

The joint venture is the fourth Sino-foreign joint venture wealth management company approved to commence operations. Amundi and BOC Wealth Management; BlackRock and CCB Wealth Management; and Schroders and BOCOM Wealth Management have all opened wealth management joint ventures in China.

Deutsche Bank and BNP Paribas are also said to be looking for suitable joint venture partners to launch joint venture wealth management businesses in China.

BNP was previously reported to have been in discussions to form such a centure with Agricultural Bank of China.