Nine More Banks Join Wealth Connect Trials in Guangzhou and Shenzhen

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Chinese financial authorities have given their approval for nine more banks to participate in trials of the Wealth Connect initiative to integrate the asset management sectors of Hong Kong, Macau and Guangdong.

The Guangzhou and Shenzhen branches of the Chinese central bank recently issued a new list of banks participating in Wealth Connect, which includes a total of 27 participants, for an increase of nine compared to the preceding list.

Guangzhou announced a total of six new banks, including the Guangzhou branch of China Everbright Bank; the Guangzhou branch of Chong Hing Bank; the Zhuhai branch of Xiamen International Bank; the Guangzhou branch of OCBC Wing Hang Bank; the Guangzhou branch of Dah Sing Bank (China) Limited; and the Guangzhou branch of Fubon Bank.

The Shenzhen region will see the addition of three new banks participating in the trials, including the Shenzhen branch of the Bank of Shanghai; the Shenzhen branch of OCBC Wing Hang Bank, and the Shenzhen branch of Fubon Bank.