BEIJING, April 21 (Xinhua) -- China Everbright Bank (CEB), a joint stock lender, has been approved to establish a subsidiary focusing on wealth management business.
The wealth management subsidiary of CEB will be established with a registered capital of 5 billion yuan (about 746.3 million U.S. dollars), the company said in a statement filed with the Shanghai Stock Exchange.
This makes CEB among the first joint stock banks allowed to set up a wealth management subsidiary following the approval of major state-owned lenders, including Bank of China and China Construction Bank.
In December last year, the China Banking and Insurance Regulatory Commission released guidelines for commercial banks to conduct wealth management businesses to offer more financial products to meet the demands of the real economy.
Commercial banks could either set up separate units to conduct wealth management businesses or include such operations within the framework of other business units, according to the guidelines.
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