Goldman Targets China Wealth Management With ICBC Tie-Up

Goldman Targets China Wealth Management With 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 lucrative 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, the New York-based bank said Tuesday.

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.