Goldman Sachs Group forms wealth venture with China s largest lender bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
ICBC, Goldman Sachs to set up joint venture on wealth management
Xinhua
26 May 2021, 23:49 GMT+10
BEIJING, May 26 (Xinhua) The Industrial and Commercial Bank of China (ICBC) and Goldman Sachs Asset Management will cooperate to set up a joint venture on wealth management, according to a recent announcement. Goldman Sachs Asset Management will hold a 51-percent stake in the venture, while the wealth management unit of ICBC will own 49 percent, China s largest commercial lender ICBC said Tuesday. The plan has been approved by the China Banking and Insurance Regulatory Commission (CBIRC), and will offer a broad range of asset management products to investors, ICBC added.
2021-05-26 13:11:05 GMT2021-05-26 21:11:05(Beijing Time)
BEIJING, May 26 (Xinhua) The Industrial and Commercial Bank of China (ICBC) and Goldman Sachs Asset Management will cooperate to set up a joint venture on wealth management, according to a recent announcement.
Goldman Sachs Asset Management will hold a 51-percent stake in the venture, while the wealth management unit of ICBC will own 49 percent, China s largest commercial lender ICBC said Tuesday.
The plan has been approved by the China Banking and Insurance Regulatory Commission (CBIRC), and will offer a broad range of asset management products to investors, ICBC added.
This is the fourth joint venture of its kind that has been approved by the CBIRC, following similar moves by the Bank of China, China Construction Bank and the Bank of Communications, according to the Shanghai Securities News.
Goldman Sachs to Form Wealth Management JV with ICBC
Posted on 05/25/2021
Goldman Sachs won preliminary approval from the China Banking and Insurance Regulatory Commission for a wealth management joint venture to serve customers in China. The venture is owned 51% by Goldman Sachs Asset Management and 49% by a subsidiary of the state-owned Industrial and Commercial Bank of China called ICBC Wealth Management. The joint venture will develop a broad range of investment products for the mainland China market over time. Goldman Sachs’s plans to hire more than 400 employees in Hong Kong and mainland China.
Get News Stories Delivered to Your Inbox
GSAM to form wealth management joint venture in China
GSAM to form wealth management joint venture in China
The Goldman Sachs building in New York
Goldman Sachs Asset Management and a subsidiary of Beijing-based Industrial and Commercial Bank of China have received preliminary approval from regulators to establish a wealth management joint venture, Goldman Sachs said Tuesday.
The joint venture to be 51% owned by GSAM and 49% owned by ICBC Wealth Management will combine GSAM s expertise in investment and risk management with ICBC s strong brand recognition and unparalleled access to retail and institutional clients across China, to create a world-class asset management business, according to a Goldman Sachs news release.