ICBC secures regulatory nod for wealth management subsidiary

Pedro Gonçalves
clock • 1 min read

The Industrial and Commercial Bank of China (ICBC), the country's biggest lender, has received approval to set up a wealth management subsidiary, according to a recent announcement from the top banking and insurance regulator. The China Banking and Insurance Regulatory Commission (CBIRC) said  that it has approved ICBC's application to establish a wealth management unit on February 15.  ICBC is reported to contribute no more than 16bn yuan ($2.37bn) of its own capital into the wholly-ow...

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