One of China’s leading state-owned leaders has completed a key registration procedure for its wealth management subsidiary.
Information from China’s State Enterprise Credit Information Announcement System (国家企业信用信息公示系统) indicates that Bank of Communications Wealth Management Co., Ltd. (交银理财有限责任公司) completed industrial and commercial registration on 6 June.
Bank of Communications Wealth Management has registered capital of 8 billion yuan, while its registered address is the 31st floor of the Brics Tower in Shanghai’s Lujiazui district, making it the only wealth management subsidiary of a major state-owned bank to take up residence in the city.
The company’s operating scope includes:
- The public development of wealth management products for unspecified members of the public, and the investment and management of the entrusted assets of investors;
- The non-public development of wealth management products for qualified investors, and the investment and management of the entrusted assets of such investors;
- Wealth management consulting and advisory services;
- Other operations as approved by the State Council’s banking sector regulatory authorities.
Bank of Communications Wealth Management has also obtained approval to engage in standard derivative product transactions and forex operations.
At present the China Banking and Insurance Regulatory Commission (CBIRC) has given its approval to eight lenders to prepare to establish wealth management subsidiaries, including the big six state-owned banks as well as China Everbright Bank and China Merchants Bank.
The wealth management subsidiaries of China Construction Bank and ICBC have also officially commenced operation.
The legal representative and chair of Bank of Communications Wealth Management is Tu Hong (涂宏), who is the chief supervisor for Bank of Communications’ interbank and market operations segment.
CBIRC has also given its approval to Jin Qi (金旗) to serve as executive director and president. Jin is currently the president of the Bank of Communications asset management operations centre.
The other non-executive directors include the vice heads of Bank of Communications’ operations department, financial institutions department and personal finance operations department.