China Green Lights Goldman Sachs-ICBC Wealth JV


Source: finews.asia finews.asia

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A Goldman Sachs and ICBC joint venture has received China’s approval to begin wealth management operations on the mainland. Goldman Sachs ICBC Wealth Management – a joint venture between the US investment bank and a wholly-owned subsidiary of Industrial and Commercial Bank of China (ICBC) -- has obtained approval from China Banking and Insurance Regulatory Commission (CBRIC) to begin operations, according to a statement ICBC filed to the Hong Kong Stock Exchange (HKEx) on Friday. The joint venture was set up in mid-2021, with Goldman Sachs taking 51 percent stake, while the Chinese bank took the remainder. China’s household wealth...