Joint-stock lender China CITIC Bank has just grabbed approval from regulators for its wealth management subsidiary to commence operation.
CITIC Bank announced on the evening of 15 June that it had obtained approval from the China Banking and Insurance Regulatory Commission (CBIRC) for its wholly invested subsidiary CITIC Wealth Management Limited Liability Company (信银理财有限责任公司) to commence operation.
CITIC Wealth Management has registered capital of 5 billion yuan and is headquartered in Shanghai, while its approved operations include the issuance of publicly offered wealth management products, the issuance of privately offered wealth management products, as well s wealth management advisory and consulting and related asset management operations.
CITIC Bank obtained approval to establish CITIC Wealth Management on 4 December 2019.
A total of 19 Chinese banks have obtained approval to establish wealth management subsidiaries, while 13 of these subsidiaries have obtained approval to commence operations, including ICBC, Agricultural Bank of China and Bank of China.