Agricultural Bank of China, BNP Paribas Asset Management to Set Up Wealth Management JV
October 19 2022 - 9:00PM
Dow Jones News
By Clarence Leong
A Agricultural Bank of China Ltd. unit and BNP Paribas Asset
Management Holding SA plan to set up a joint venture wealth
management company, a sign of China further opening up its
financial markets to Western companies.
Agricultural Bank of China Wealth Management Co. has received
regulatory approval for the JV, the Chinese lender said in a late
Wednesday filing to the Hong Kong exchange.
The Chinese side will contribute 49% of the JV funding, while
its France-based partner will contribute 51%, according to the
filing.
The JV will "better satisfy the increasingly diversified
investment and wealth management needs of various types of
customers," Agricultural Bank of China said.
Last year, Chinese regulators approved a wealth-management joint
venture between Goldman Sachs Group Inc. and Industrial &
Commercial Bank of China Ltd. Other U.S. banks and investment
firms, such as JPMorgan Chase & Co. and BlackRock Inc., have
also been allowed greater access to China's markets since 2021.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
October 19, 2022 20:45 ET (00:45 GMT)
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