China approves ICBC-Goldman joint venture to start offering wealth services

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People visit the Industrial and Commercial Bank of China (ICBC) booth at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo

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June 24 (Reuters) - Industrial and Commercial Bank of China (601398.SS), (1398.HK) (ICBC) said on Friday its wealth management joint venture with Goldman Sachs Group Inc (GS.N) had received the country's banking regulator's approval to begin operations.

The China Banking and Insurance Regulatory Commission's (CBIRC) nod comes as the world's second-largest economy opens up its giant financial sector to investments from foreign players, allowing them to collaborate with domestic banks.

Goldman Sachs ICBC Wealth Management, set up in May last year with a 51% funding contribution from U.S. banking giant Goldman and 49% by ICBC, will now offer a broad range of investment products to the Chinese market over time, including quantitative investment strategies. read more

ICBC will "push forward" the joint venture to execute all the relevant procedure "in strict compliance with laws, regulations and regulatory requirements", China's biggest bank said in a statement.

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Reporting by Sameer Manekar in Bengaluru; Editing by Maju Samuel

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