China Merchants Bank has secured approval to acquire the 21.6% stake held by ING Asset Management in China Merchants Fund Management (CMFM).
The approval from the China Securities Regulatory Commission (CSRC) will allow China Merchants Bank to increase its stake in CMFM to 55%.
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CSRC’s approval follows introduction of the ‘Measures for the Administration of Securities Investment Fund Management Companies’ in 2012.
The measures eliminate restrictions that banned major shareholders from holding over a 49% stake in any asset management firm.
Founded in 2002 with a registered capital of US$34.05 million, CMJM was the first Sino-foreign joint venture fund company in the Asian country.
CMJM, which currently has US$8.09 billion assets under management, has reported a 14.55% increase in its operating income to RMB315m for the first half of 2013.
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By GlobalDataEstablished in 1987, China Merchants Bank has more than 800 branches and employs over 50,000 people.
