Goldman Targets China Wealth Management ICBC Tie-Up
Chinese regulators have approved a wealth-management joint venture between Goldman Sachs Group Inc. and Industrial & Commercial Bank of China Ltd., as China further opens up its financial sector to foreign banks. Goldman’s asset-management arm will own 51% of the venture, and the remainder will be held by an ICBC wealth-management subsidiary, according to a story in The Wall Street Journal. ICBC, one of China’s largest state-owned banks, said the venture will help it provide more diversified and professional wealth-management services and would improve the bank’s ability to serve the real economy. Goldman said the new venture has received preliminary approval from the China Banking and Insurance Regulatory Commission, and it intends to develop a range of investment products for the China market.