Bank of Hangzhou’s wealth management subsidiary has obtained approval from local regulators to commence operation.
Bank of Hangzhou recently announced that the Zhejiang banking and insurance regulator had given its approval for its fully invested subsidiary Bank of Hangzhou Wealth Management Co., Ltd. (杭银理财有限责任公司) to commence operation.
Bank of Hangzhou Wealth Management also obtained an industrial and commercial license and financial operating license.
The wealth management vehicle has registered capital of 1 billion yuan and is registered in Hangzhou.
Its primary businesses will include the development of wealth management products for the general public, the provision of private wealth management products to qualified investors, and the provision of wealth management advisory and consultation services.