ICBC receives nod to set up wealth management unit

Nearly 30 banks have announced their intention to dive into this profitable business.

Reuters reports that Industrial and Commercial Bank of China (ICBC) has won approval from the country's banking and insurance regulator to set up a wealth management unit.

China’s five major commercial banks that have earlier received approval to set up wealth management units are preparing to launch operations, the China Banking and Insurance regulatory Commission said in a statement.

Also read: Check out the growth of AUM held by China's asset management industry

Bank of Communications announced its plan to invest $1.25b (8b yuan) to set up an asset management unit in Shanghai where it joins the ranks of smaller lenders China Merchants Bank, Huaxia Bank, Bank of Beijing and Bank of Ningbo, who have similarly applied to spin off asset management units, according to an earlier report from South China Morning Post.

In December, China issued rules for commercial banks’ wealth management subsidiaries to strengthen their risk management and support the real economy.

Here's more from Reuters:

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