European asset management firm Amundi together with Bank of China subsidiary BOC Wealth Management have rolled out a joint venture (JV) in China.
The asset management joint operation has been greenlighted by the China Banking and Insurance Regulatory Commission (CBIRC).
The French asset management firm has also become the majority shareholder of the JV.
The joint company will be fully operational from H2 2020.
‘First’ of its kind
Liange Liu, chairman of Bank of China, said: “Bank of China and Amundi jointly establish the first asset management joint venture company under the wealth management framework regulated by CBIRC with a foreign shareholder holding a majority stake.
“This fully demonstrates that the accelerated opening of China’s financial market conforms to global market development trends, reflects the recognition of international investors to the development potential in the Chinese market, and promotes the healthy development of China’s asset management market.
“The two parties will cooperate sincerely, be committed to building a first-class asset management joint venture company and share the opportunities along the development of asset management market in China”.
Yves Perrier, chief executive of Amundi, said: “The project of creation of a joint venture between Amundi and BOC Wealth Management and the long-term partnership with Bank of China will allow Amundi to add a new pillar to its development strategy in China and to benefit from strong commercial relations with one of the leading banks in China.”
