Amundi, Europe's largest asset manager by AUM, is to set up an asset management joint venture with Bank of China Wealth Management, a subsidiary of Bank of China, following regulatory approval.
The China Banking and Insurance Regulatory Commission (CBIRC) gave its approval to the JV, which followed initial moves by BoC towards international asset managers following Chinese government and regulatory moves to further open up the local financial industry. The new company is expected to launch in the second half of 2020.
Liange Liu, Bank of China chairman, said: "Bank of China and Amundi jointly establish the first asset management joint venture company under the wealth management framework regulated by CBIRC with a foreign shareholder holding a majority stake. This fully demonstrates that the accelerated opening of China's financial market conforms to global market development trends, reflects the recognition of international investors to the development potential in the Chinese market, and promotes the healthy development of China's asset management market."
Yves Perrier, CEO of Amundi, said: "Amundi is proud to have been selected by Bank of China to participate to this pioneer project, with the objective to build a first class asset management company in China."