The Chinese central bank has unveiled a list of 21 Chinese and foreign lenders that comprise the first round of participants in the new Wealth Management Connect initiative, that seeks to integrate the wealth management sectors of Guangdong, Hong Kong and Macau.
The list released by the Guangzhou and Shenzhen offices of the People’s Bank of China (PBOC) contains a total of 13 Chinese banks and branch organisations, as well as 8 foreign invested banks and branch organisations.
These banks include:
- Industrial and Commercial Bank of China.
- Agricultural Bank of China.
- Bank of China.
- China Construction Bank.
- Bank of Communications.
- China Merchants Bank.
- Ping An Bank.
- Guangfa Bank.
- Shanghai Pudong Development Bank.
- China Minsheng Bank.
- Industrial Bank Co., Ltd.
- China CITIC Bank.
- Macau International Bank.
- Standard Chartered.
- Nanyang Commercial Bank.
- Hengsheng Bank.
- Postal Savings Bank of China (southbound leg only).
- Bank of East Asia (southbound leg only).
- DBS Bank (southbound leg only).
- Dah Sing Bank (southbound leg only).
On 10 October the “Guangdong, Hong Kong and Macau Greater Bay Area Cross-border Wealth Management Connect Trials Implementation Regulations” (粤港澳大湾区“跨境理财通”业务试点实施细则) came into effect, marking the effective start of the initiative.
Under the initiative mainland Chinese investors will be permitted to invest in the wealth management products of banks in Hong Kong and Macau, while investors in Hong Kong and Macau will be permitted to invest in the wealth management products of mainland Chinese banks.