China's largest bank, Industrial and Commercial Bank of China (ICBC), said on Tuesday it had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset Management.

A unit of U.S. banking giant Goldman Sachs Group will offer a 51 percent funding contribution ratio, while the wealth management unit of ICBC will offer 49 percent, the Chinese bank said in an exchange filing.

The joint venture is "to create a world-class asset management business," said Goldman Sachs in an emailed statement to Reuters, as it "will combine Goldman Sachs Asset Management's expertise in investment and risk management with ICBC's strong brand recognition and unparalleled access to retail and institutional clients across China."

ICBC said it "will be beneficial to the bank's provision of more diversified and professional wealth management services."

The venture will develop a broad range of investment products for the Chinese market over time, including quantitative investment strategies, cross-border products and innovative solutions in alternatives.

China has been making efforts to open up its financial sector for foreign companies in recent years. 

U.S. fund giant BlackRock received a business license earlier this month for a majority-owned wealth management venture with a unit of the country's second largest bank, China Construction Bank Corp (CCB), and Singapore state investor Temasek Holdings.

Amundi has also set up a wealth management joint venture with Bank of China, and Schroders has applied to partner with Bank of Communications (BOCOM) in wealth management.

(With input from Reuters)