(Xinhua)17:02, July 26, 2019
BEIJING, July 26 — Agricultural Bank of China (ABC), one of Chinas largest banks, said Friday that China Banking and Insurance Regulatory Commission had given the nod to its financial management branch to commence business.
The wealth management subsidiary of ABC is established with a registered capital of 12 billion yuan (about 1.7 billion U.S. dollars). It will specialize in launching public offering and private placement of wealth management products and providing financial consulting, according to an online statement filed to the Shanghai Stock Exchange.
By setting up the subsidiary, ABC can realize the specialized operation of the wealth management business, increase the supply of financial products and facilitate supply-side structural reform, according to the statement.
The move followed similar announcements earlier in May by the countrys two other large lenders, Industrial and Commercial Bank of China and the China Construction Bank, to start wealth management subsidiaries.