CBIRC Approves Wealth Management JV with CCB, Temasek, and BlackRock
Posted on 08/23/2020
The China Banking and Insurance Regulatory Commission (CBIRC) approved a wealth manager joint venture between Singapore’s Temasek Holdings, BlackRock Inc., and China Construction Bank (CCB). China is pivoting and giving foreign asset managers a green light to being operations in mainland China’s financial landscape. U.S. asset managers are eager to enter the mainland Chinese market.
Recently in SEC filings, Temasek bought billions of shares in BlackRock.
In addition, CBIRC revealed that Chubb, a U.S. insurer, was permitted to increase its stake in Huatai Insurance Group Co Ltd to 46.2%, thus becoming the largest shareholder of the company.