China’s largest banking group Industrial and Commercial Bank of China (ICBC), has received approval to set up a wealth management subsidiary.
The China Banking and Insurance Regulatory Commission (CBIRC) said on had approved ICBC’s application to establish a wealth management unit on 15 February.
The financial watchdog also said it has accepted similar applications from the other top four commercial banks and added “many other banks are also planning to submit applications”.
It said the wealth management arms would help “meet diverse financial needs”.
Last December, the CBIRC gave permission for the Construction Bank of China and the Bank of China to set up wealth management branches, and Agricultural Bank of China and the Bank of Communications were approved in January.
In 2018, China rolled out new regulations allowing domestic commercial banks to create wealth and asset management subsidiaries.
