Senior executives at the wealth management subsidiaries of four state-owned Chinese banks say their companies are already working with a foreign partner or have expressed an interest in doing so.
The subsidiaries of Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank of China, are not only taking advantage of a rule change last year — which allows foreign managers to take majority stakes in joint ventures with domestic banks’ wealth management subsidiaries — but are also co-operating with overseas managers on product launches.
Bank of China’s wealth management subsidiary has already formed a wealth management unit with French manager Amundi, which owns a majority of the new entity that is expected to begin operations before the end of the year.