China approves Goldman Sachs, ICBC joint wealth management venture By Reuters – Investing.com
- Date: 25-May-2021
- Source: Investing.com
- Sector:Financial Markets
- Country:Middle East
China approves Goldman Sachs, ICBC joint wealth management venture By Reuters – Investing.com
BEIJING (Reuters) - China's largest bank Industrial and Commercial Bank of China (ICBC) said on Tuesday its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset Management.
The unit of U.S. banking giant Goldman Sachs Group Inc (NYSE:) will offer a 51% funding contribution ratio, while the wealth management unit of ICBC will offer 49%, the Chinese bank said in a exchange filing.
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