China’s biggest commercial banks are launching independent wealth management subsidiaries as they prepare to compete in the new landscape created by landmark rules curbing shadow banking.
This month the country’s banking regulator published regulations requiring lenders to split off their wealth management units from parent banks.
In recent weeks, at least 22 commercial banks, including the state-owned “Big 4”, have announced plans to do so. Industrial and Commercial Bank of China, the country’s largest lender by assets, said it would inject capital of up to Rmb16bn ($2.3bn).
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