BNP Paribas Joins China Wealth Market Race With New Approval

BNP Paribas, which posted its highest profit on record in the second quarter, also owns a mutual-fund joint venture in China with Haitong Securities Co.

(Bloomberg) — BNP Paribas SA won approval to set up a wealth-management joint venture in China, adding competition to global rivals including BlackRock Inc. and Amundi SA vying for a slice of the 29 trillion yuan ($4 trillion) market.

China’s banking regulator granted permission for the French lender’s asset-management arm to form a venture with the wealth unit of Agricultural Bank of China Ltd., according to a person with knowledge of the matter. BNP Paribas Asset Management will hold a 51% stake, the person said, asking not to be identified as the approval hasn’t been announced.