China’s Huishang Bank has launched its wealth management subsidiary, reported xinhuanet.
The commercial lender received the regulatory nod to launch a wealth unit last year.
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The new wealth unit will trade as Huishang Bank Wealth Management Co.
The unit is registered in Hefei, the provincial capital of Anhui Province.
China Everbright Bank, Industrial and Commercial Bank of China, Bank of Communications, Agricultural Bank of China, Construction Bank of China, Postal Saving Bank of China, China Merchants Bank, Industrial Bank, Bank of China, Bank of Hangzhou, and Bank of Ningbo also received clearance for the same.
The move is the result of China’s financial sector liberalisation.
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By GlobalDataAs part of this revamp, the China Banking and Insurance Regulatory Commission (CBIRC) allowed China wealth management subsidiaries of domestic commercial banks to buy shares.
China also opened its securities market to foreign players. UBS was the first to benefit from this move and took a majority stake in its China joint venture (JV).
JPMorgan, Goldman Sachs, Morgan Stanley, and Credit Suisse also obtained nod for the same.
China has eliminated foreign ownership restrictions in the fund management as well as securities businesses from this April.
The initiative is part of China’s phase-one trade deal with the US.
