BOC Wealth Management and Amundi Get Approval for JV from China Banking and Insurance Regulatory Commission
Posted on 12/22/2019
BOC Wealth Management Co., Ltd. was established on July 1, 2019. It is a wholly-owned subsidiary of Bank of China Co., Ltd., with a registered capital of RMB 10 billion. Amundi and BOC Wealth Management received approval from China Banking and Insurance Regulatory Commission to launch the establishment of an asset management joint-venture.
The target is to launch the joint venture during the second half of 2020.
“The project of creation of a joint venture between Amundi and BOC Wealth Management and the long-term partnership with Bank of China will allow Amundi to add a new pillar to its development strategy in China and to benefit from strong commercial relations with one of the leading banks in China,” said Amundi Chief Executive Yves Perrier.
