China’s banking regulator has given the green light to trials of pension wealth management schemes undertaken by two of the country’s big state-owned lenders.
The wealth management subsidiaries of Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) have both obtained approval from regulators for pension wealth management trials, according to sources who spoke to 21st Century Business Herald.
ICBC’s wealth management subsidiary garnered approval on 19 November, with CCB cinching permission on 23 November.
The wealth management subsidiaries of China Merchants Bank and China Everbright Bank are also waiting on approval from regulators to launch pension wealth management trials of their own.
