China Banking Insurance Commission okays ICBC-Goldman JV

THE Industrial and Commercial Bank of china (ICBC) said its wealth management joint venture with Goldman Sachs Group had received the country’s banking regulator’s approval to begin operations, reports Reuters. 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 51 per cent funding contribution from US banking giant Goldman and 49 per cent by ICBC, will now offer a broad range of investment…