Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
China Races Ahead of U.S. in Deployment of Electric-Vehicle Charging Stations
Bird Rides Scooter Maker Sees Profit Surge on Overseas Orders
Germany Leaves 5G Door Open to Huawei, Reuters Reports
LATEST
Tesla’s China Plant Is Hooked Up to State Grid Power Supply
Didi Pushes Further Into Latin America With Eye on Costa Rica
Homeowners Demand Refunds After Developer Cuts Prices
Controversial WeChat Public Account Operator Eyes High-Tech Board IPO
Burgeoning Online Marketplace in Crisis After Luring New Shoppers With Merchants’ Money
Huawei Posts Strong Revenue Growth Despite U.S. Export Ban
Ant Financial Seeks Loan of as Much as $3.5 Billion at Lower Rate
China Freezes Some Social Media, Mobile Payment Accounts in Myanmar Cross-Border Fraud Crackdown
Popular Translation App Youdao Downsizes New York IPO
Popular Alibaba-Backed Social E-Commerce App Returns After Months-Long Absence
Cheap-Phone Maker Realme Eyes Upscale Turn With Pricey New Handset
State Council Order Formalizes Further Opening of Chinese Financial Sector
IMF Predicts Slower Economic Growth for 2019
China Nails Down Timeline for Long-Awaited Mobile Number Portability Program: Report
China Races Ahead of U.S. in Deployment of Electric-Vehicle Charging Stations
Bird Rides Scooter Maker Sees Profit Surge on Overseas Orders
Germany Leaves 5G Door Open to Huawei, Reuters Reports
Cash-Strapped Bike-Sharing App Ofo Says It “Hasn’t Given Up”
Do ‘Double 11’ Vendors Have to Pick Sides This Year? Alibaba Says It’s ‘Normal Market Behavior’
China’s Cloud Computing Market Still Far Behind U.S.: Think Tank
Third City Commercial Bank to Get Go-Ahead for Wealth Management Unit

By Wu Xiaomeng and Ke Baili / Jul 04, 2019 04:13 PM / Finance

Photo: VCG

Photo: VCG

A third city commercial bank will get the green light to set up a wealth management subsidiary, in the first batch of such approvals in China, sources told Caixin. 

Huishang Bank, based in Anhui province, will join another two medium-sized lenders — Bank of Hangzhou and Bank of Ningbo, both based in Zhejiang province — in the first batch of city commercial banks allowed to follow larger rivals in becoming eligible to set up such subsidiaries, according to sources. The first batch will only consist of these three banks, they said.

Subsidiaries will allow banks to operate with fewer restrictions on investments using wealth management funds, under rules released late last year. The aim is to create a firewall between wealth management businesses and banks’ other operations, in an effort to break any implicit guarantee that these investments will be bailed out if they sour. The $4.6 trillion bank wealth management product industry has been a key part of China’s risk-spawning shadow banking system.

Contact reporter Ke Baili (bailike@caixin.com)

Share this article
Open WeChat and scan the QR code