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China approves Goldman Sachs, ICBC joint wealth management venture

FILE PHOTO: The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance
FILE PHOTO: The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. REUTERS/Florence Lo
(Updated: )

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BEIJING: China's largest bank Industrial and Commercial Bank of China (ICBC) said on Tuesday (May 25) its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset Management.

The unit of US banking giant Goldman Sachs will offer a 51 per cent funding contribution ratio, while the wealth management unit of ICBC will offer 49 per cent, the Chinese bank said in a exchange filing.

Source: Reuters