China CITIC Bank approved to set up wealth management company

0 Comment(s)Print E-mail Xinhua, December 7, 2019
Adjust font size:

China CITIC Bank, a major commercial lender, has gained approval from China Banking and Insurance Regulatory Commission (CBIRC) to set up a wealth management company.

The wealth management unit will be established with a registered capital of no more than 5 billion yuan (about 711.2 million U.S. dollars), the company said in a statement.

In December last year, the CBIRC released guidelines for commercial banks to conduct wealth management businesses to offer more financial products to meet the demands of the real economy.

Commercial banks could either set up separate units to conduct wealth management businesses or include such operations within the framework of other business units, according to the guidelines.

Follow on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from