Article author:
Reuters
The Industrial and Commercial Bank of China (ICBC) said on Friday that its wealth management joint venture with Goldman Sachs Group, Inc. was approved by bank regulators to launch.
The Bank of China Insurance Regulatory Commission (CBIRC) nods, allowing the world's second-largest economy to open the huge financial sector to investment from foreign players and collaborate with domestic banks It was realized by doing.
Goldman Sachs ICBC Wealth Management, founded in May last year https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0525/2021052500461.pdf 51% funding from US banks 49% by giant Goldman and ICBC will offer a wide range of investment products to the Chinese market, including quantitative investment strategies.
The ICBC will "promote" the joint venture and carry out all relevant procedures "in strict compliance with laws, regulations and regulatory requirements," China's largest bank said in a statement. https://www1.hkexnews.hk /listedco/listconews/sehk/2022/0624/2022062400702.pdf. (Report by Sameer Manekar in Bangalore, edited by Maju Samuel)
