The fourth joint venture wealth management company "Goldman Sachs Industrial Bank Finance" was allowed to open ｜ News

Text/Lu Mengxue

On June 24, ICBC issued an announcement saying that the CBRC has approved ICBC Financial and Goldman Sachs Asset Management Co., Ltd. ("Gao Sheng Asset Management") partnerships of Gao Sheng ICBC Finance Co., Ltd. Open.

Goldman Sachs Industrial Bank's financial management place is in Pudong New District, Shanghai, with a registered capital of 1 billion yuan. According to the batch documents issued by the Banking Insurance Regulatory Commission in May 2021, among the shareholders of Gao Sheng ICBC Financial Management, ICBC's financial management capital contributed 49%, and the investment ratio of Goldman Sachs asset management was 51%.

It is reported that ICBC Financial Management is a wholly -owned financial subsidiary of ICBC. It opened in May 2019 and the registered capital was 16 billion yuan.

Goldman Sachs Group was founded in 1869 and headquartered in New York. In 1994, Goldman Sachs entered the Chinese market, opened a representative office in Beijing and Shanghai, and then established a joint venture in China. Goldman Sachs Management is the asset management department of Goldman Sachs Group. As of December 31, 2021, Goldman Sachs Asset Management's global management assets were about 2.8 trillion US dollars.

Goldman Sachs Industrial Bank Financial is the fourth Chinese and foreign joint venture wealth management companies that have been approved. At present, four major banks including Bank of China, Construction Bank, Bank of Communications, and Industrial and Commercial Bank of China have deployed joint venture wealth management companies. Previously, Huihua Financial Management, a joint venture between Dongfanghui Huili Asset Management Company and BOC Financial Management, Blale German Financial Management Company and CCB Financial Finance Perle German CCB Financial, Schroand Investment Management Co., Ltd. and Jiaotin Financial Management jointly funded Rhodier's Bank of Communications Financial opened in September 2020, May 2021, and January 2022.

Regarding the positioning of Goldman Sachs ICBC's financial management, ICBC said that ICBC Finance, as a wholly -owned subsidiary of the bank, is the core platform and flagship brand that the bank promotes the deepening development of the large asset management business. The joint venture wealth management company jointly funded by ICBC Financial Management and Goldman Sachs Asset Management will help customers with more diverse and professional financial services, and further enhance the bank's comprehensive capabilities for the real economy of the bank.

In the announcement of the approval of the opening of the opening, the Industrial and Commercial Bank stated that in the next step, the Bank will promote the financial management of ICBC in strict accordance with laws and regulations and regulatory requirements to perform relevant procedures, and promote Gao Sheng ICBC Finance to open operations as soon as possible.

Edit: Meng Junlian

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