France's Amundi wins approval for venture with Bank of China Wealth Management

PARIS, Dec 20 (Reuters) - Amundi, Europe’s largest asset management company, and Bank of China Wealth Management said they had won approval from Chinese regulators to set up a joint venture in the country.

“The project of creation of a joint venture between Amundi and BOC Wealth Management and the long-term partnership with Bank of China will allow Amundi to add a new pillar to its development strategy in China and to benefit from strong commercial relations with one of the leading banks in China,” said Amundi Chief Executive Yves Perrier.

Top global banks have spent much of the last decade looking to increase their presence in the relatively fast-growing Chinese economy, and in October China scrapped some restrictions on foreign banks’ operations in the country.

Reporting by Sudip Kar-Gupta; editing by David Evans