BlackRock’s China Wealth Management Venture Cleared to Start Business
BlackRock Inc. won approval to start operating a wealth management business in China as the world’s largest asset manager pushes into the country’s vast financial market.
A joint venture in which BlackRock holds 50.1% received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to start business, BlackRock said Wednesday. China Construction Bank owns 40% of the venture while Singapore state-owned investment company Temasek Holdings Pte. Ltd. has the remaining 9.9%.
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