File photo shows the view of the skyscrapers of the Central Business District in Beijing, capital of China. (Xinhua/Chen Zhonghao)
BEIJING, Oct. 20(Xinhua) -- Agricultural Bank of China (ABC) , one of the country's largest commercial lenders, announced on Wednesday that its wholly-owned subsidiary, ABC Wealth Management Co., Ltd., has been approved to set up a wealth management joint venture (JV) with BNP Paribas Asset Management.
According to the announcement, the China Banking and Insurance Regulatory Commission (CBIRC) has recently granted approval to allow ABC Wealth Management Co., Ltd. and BNP Paribas Asset Management to form a new JV wealth management company.
It is learned that ABC Wealth Management Co., Ltd. will hold a 49-percent stake in the joint venture and BNP Paribas Asset Management will own the remaining 51 percent.
The joint venture will give full play to the respective advantages and characteristics of both sides in an attempt to better meet people's increasingly diversified investment and wealth management needs.(Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)
A single purchase
