By Carlo Martuscelli

Intesa Sanpaolo S.p.A. (ISP.MI) said Wednesday that it had received approval to provide wealth management services in China through its wholly-owned subsidiary, Yi Tsai.

The Italian lender said it was the first bank to be given permission to operate a wealth management arm fully under its control in the Asian country.

Intesa said that Yi Tsai will operate in the city of Qingdao, which has been designated a zone to pilot wealth management projects in China.

Write to Carlo Martuscelli at carlo.martuscelli@wsj.com; @carlomartu

(END) Dow Jones Newswires

December 11, 2019 05:13 ET (10:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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