The bank received regulatory approval for its subsidiary to begin wealth management operations in late-2019, and the new unit will trade under the name Huishang Bank Wealth Management. The new unit is reportedly registered in Hefei, the capital of the Chinese province of Anhui.
According to Hubbis, this comes as part of China’s efforts of liberalisation in the financial services sector, with the China Banking and Insurance Regulatory Commission (CBIRC) allowing domestic Chinese wealth management subsidiaries to buy shares, as well as introducing measures which opened the Chinese securities market to foreign entities.
In April 2020, China eliminated foreign ownership restrictions in both the fund management and securities businesses.
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