Rest of China’s Big Four Banks to Open Wealth Management Units
The last three of China’s big four state-owned banks have announced plans to set up independent wealth management subsidiaries, though the new units could end up cannibalizing their own established businesses.
Industrial and Commercial Bank of China Ltd. (ICBC), the country’s biggest lender by assets, announced on Monday that it will form a fully owned subsidiary with as much as 16 billion yuan ($2.30 billion) in registered capital. The purpose of the unit will be to manage investments made with funds raised by selling wealth management products. Agricultural Bank of China Ltd. (ABC) also said on Monday that it’s ready to invest up to 12 billion yuan to set up such a subsidiary, while China Construction Bank Corp. (CCB) announced it will put up 15 billion yuan, according to the announcements on their respective websites.
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