China approves ICBC-Goldman JV to start offering wealth services – TODAY

Industrial and Commercial Bank of China (ICBC) said on Friday its wealth management joint venture with Goldman Sachs Group Inc had received the country’s banking regulator’s approval to begin operations. The China Banking and Insurance Regulatory Commission’s (CBIRC) nod comes as the world’s second-largest economy opens up its giant financial sector to investments from foreign players, allowing them to collaborate with domestic banks. Goldman Sachs ICBC Wealth Management, set up in May last year with a 51per cent funding contribution from U.S. banking giant Goldman and 49per cent by ICBC, will now offer a broad range of investment products to…