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A view of the Lujiazui financial district in Shanghai, China, October 26, 2021. /CFP
China's banking and insurance industry regulator has given the green light for an asset management joint venture to be set up in a move to further open up the country's financial market.
The wealth management arms of the Agricultural Bank of China (ABC) and BNP Paribas have received approval from China Banking and Insurance Regulatory Commission to form a joint venture, ABC said in a stock exchange filing on Wednesday.
ABC will own a minority stake of 49 percent in the venture, while the French company takes up the rest.
The joint venture will better meet the increasingly diverse investment and wealth management needs of clients, ABC said.
China is gradually opening up its finance sector, including removing foreign ownership caps in joint securities ventures. In 2020, Morgan Stanley and Goldman Sachs received regulatory approvals to buy majority stakes in their local joint ventures.
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Disinformation report hotline: 010-85061466