Goldman Sachs ICBC Wealth Management Gets the Greenlight in China
Posted on 06/24/2022
On June 24, 2022, ICBC Wealth Management Co., Ltd. (ICBC Wealth Management), a wholly-owned subsidiary of Industrial and Commercial Bank of China Limited, received the “CBRIC’s Approval in relation to the Commencement of Operation of Goldman Sachs ICBC Wealth Management Co., Ltd.” (Yin Bao Jian Fu [2022] No. 406), in which the China Banking and Insurance Regulatory Commission has approved the commencement of operation of Goldman Sachs ICBC Wealth Management Co., Ltd. Goldman Sachs ICBC Wealth Management is a joint venture established by ICBC Wealth Management and Goldman Sachs Asset Management, L.P.
In the next step, ICBC will push forward ICBC Wealth Management to implement the relevant procedures in strict compliance with laws, regulations and regulatory requirements and carry forward the prompt commencement of business and operation of Goldman Sachs ICBC Wealth Management.
