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ICBC Wealth Management Subsidiary Approved to Open in the First Batch

On May 22, the China Banking and Insurance Regulatory Commission approved the opening of ICBC Wealth Management Co., Ltd. (hereinafter referred to as “ICBC Wealth Management”), a wholly-owned subsidiary of ICBC. As a wealth management banking company approved to open in the first batch, ICBC Wealth Management is incorporated in Beijing with a registered capital of RMB16 billion. It mainly focuses on asset management related businesses such as public and private offering of wealth management products, and wealth management consulting and advisory services.

It is reported that it is a major strategic measure taken by ICBC to set up ICBC Wealth Management, so as to focus on the three tasks of serving the real economy, preventing and controlling financial risks, and deepening financial reform, implement regulatory requirements, and promote the Bank’s wealth management business to develop healthily and adhere to the origin of asset management. After its establishment, ICBC Wealth Management will serve as a core platform and flagship brand to further ICBC Group’s asset management strategy, which will help advance the intensive management of wealth management business, and provide more comprehensive and professional services for wealth management customers.

In recent years, ICBC has continued to promote the transformation and upgrading of its asset management business. Since the release of the new regulations on asset management, it has issued more than RMB350 billion worth of wealth management products in line with the new regulations, covering fixed income products, equity products, and mixed products. After the establishment of ICBC Wealth Management, more wealth management products that meet the requirements of new regulations and customers’ demands will be launched at a faster pace. By means of project investment, bond investment, and capital market investment, the Bank enhances its ability to serve the real economy in a comprehensive way, and gathers strength for the development of China’s multilevel capital markets.