China Everbright Bank has become the first joint-stock bank in China to obtain approval from the Chinese banking regulator to commence operation of its wealth management subsidiary.
China Everbright Bank announced on 24 September that the China Banking and Insurance Regulatory Commission (CBIRC) had given approval for Everbright Wealth Management Co., Ltd. (光大理财有限责任公司) to commence operation.
Everbright Wealth Management is a wholly invested subsidiary of China Everbright Bank with registered capital of 5 billion yuan, and a registered address in the Shandong province city of Qingdao.
The unit will mainly engage in the release of publicly offered and privately offered wealth management products, as well as wealth management advisory and consulting and other asset management-related operations.
Everbright Bank is a pioneering player in China’s asset management sector, have inaugurated the involvement of Chinese banks in the wealth management sector with the release of the first renminbi wealth management product back in 2004.
At least 33 banks in China have publicly announced plans to launch their own wealth management subsidiaries.
Aside from China Everbright Bank, five of China’s big state-owned banks have obtained approval from CBIRC for their wealth management subsidiaries to commence operation.