中國批准工行與高盛聯合財富管理企業嘗試

Recently Yahoo New on-line reported the following:

China approves Goldman Sachs, ICBC joint wealth management venture

Tue., May 25, 2021, 3:11 a.m.

Reuters - (Reporting by Cheng Leng and Ryan Woo; Editing by Kirsten Donovan and David Evans)

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

The unit of U.S. banking giant Goldman Sachs Group Inc will offer a 51% funding contribution ratio, while the wealth management unit of ICBC will offer 49%, the Chinese bank said in a 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 opened its giant financial sector to foreign companies last year as part of an interim trade deal with the United States signed in January.

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

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.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), country's top banking watchdog, said in March that Chinese regulators would welcome more foreign firms' entry into China's financial sector, including the wealth management space.

Translation

路透北京5月25日 - 中國最大的銀行中國工商銀行（ICBC）週二表示，其部門已獲得批准與高盛資產管理公司（Goldman Sachs Asset Management）成立一家外資控股的財富管理公司。

這家中國銀行在一份交易所文件中表示，美國銀行業巨頭高盛集團（Goldman Sachs Group Inc.）的部門將提供51％的出資比例，而工行的財富管理部門將提供49％的出資比例。

高盛在給路透社的一封電子郵件聲明中表示，該合資企業“將創建世界一流的資產管理業務”，因為它將“結合高盛資產管理公司在投資和風險管理方面的專業知識, 與工行的強大品牌知名度,及空前的機會駁通遍布中國的零售和機構客戶。”

工商銀行表示，“這將有利於該銀行提供更為多元化和專業的財富管理服務。”

隨著時間的推移，該合資企業將為中國市場開發廣泛的投資產品，包括定量投資策略，跨境產品, 和替代品的創新解決方案。

去年1月，中國與美國簽署了一項臨時貿易協議，中國將其龐大的金融部門向外國公司開放。

美國基金巨頭BlackRock Inc. 本月初獲得了一家擁有多數股權的財富管理企業的營業執照，該企業由該國第二大銀行中國建設銀行（CCB）的部門和新加坡國有投資者淡馬錫控股（Pte）Ltd. 組成。

Amundi還與中國銀行 (Bank of China) 成立了一家財富管理合資企業，Schroders已申請和交通銀行（BOCOM）成為合作夥伴進行財富管理。

中國最大的銀行監管機構 - 中國銀行和保險監督管理委員會（CBIRC）主席郭樹清3月份表示，中國監管機構將歡迎更多外國公司進入中國金融業，包括財富管理領域。

So, this is a following up action by China to open its financial sector to foreign companies as part of an interim trade deal with the United States signed in January. It is a win-win situation. China will gain creditability and financial management skills while foreign companies will earn money.