China’s Biggest Municipal Bank Grabs Approval for Wealth Management Subsidiary

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The biggest municipal commercial bank in China has grabbed approval from regulators to establish its own wealth management subsidiary.

On 25 August Bank of Beijing (BOB) obtained approval from the China Banking and insurance Regulatory Commission (CBIRC) to establish Bank of Beijing Wealth Management Co., Ltd. (北银理财有限责任公司).

State-owned media said the establishment of a wealth management subsidiary by BOB will expedite full market resource allocation and provide vigour to greater diversification of financial products.

BOB has total assets of 3.2 trillion yuan, while its wealth management operations approach 370 billion yuan.