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BlackRock, Temasek, and CCB secure joint wealth venture approval in China

Monday 24 August 2020 11:11 CET | News

US-based asset manager BlackRock, Singapore-based state investor Temasek Holdings, and China-based CCB have obtained China’s approval for a wealth management joint venture.

The announcement was announced on the website of the China Banking and Insurance Regulatory Commission (CBIRC). The article gave no further details about the venture or what services it would be offering. The deal comes as China’s government looks to open up its financial market to foreign companies, offering potentially rich rewards for international fund managers and others in the broader financial sector, according to Reuters.

Top global financial players have long sought to increase their presence in the relatively fast-growing Chinese economy, and in October 2019 China scrapped some restrictions on foreign banks’ operations in the country. But the Chinese industry remains dominated by domestic state firms and China has yet to open up some more sensitive areas of its financial industry.

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Keywords: BlackRock, Temasek, CCB, joint wealth venture, China, China Banking and Insurance Regulatory Commission, CBIRC, asset manager, state investor, bank, wealth management, financial market, foreign companies, fund managers, restrictions, foreign banks
Categories: Banking & Fintech | Payments General
Countries: China
This article is part of category

Banking & Fintech