ICBC Wealth Management Co., Ltd. (“ICBC Wealth Management”), a wholly-owned subsidiary of ICBC, recently received a reply from China Banking and Insurance Regulatory Commission (“CBIRC”) approving its plan to jointly establish a Sino-foreign wealth management company with Goldman Sachs Asset Management (“GSAM”). The establishment of the joint venture will help ICBC provide more diversified and more professional wealth management services to customers and further strengthen ICBC’s comprehensive capability in serving the real economy.

The joint venture will be established jointly by ICBC Wealth Management and GSAM, with contributions from ICBC Wealth Management and GSAM accounting for 49 percent and 51 percent respectively. Its business scope covers public offering of wealth management products to the public and investment & management of entrusted investor property; private placement of wealth management products to qualified investors and investment & management of entrusted investor property; financial advisory and consulting service; and other services approved by the CBIRC.

In recent years, ICBC has been actively advancing the transformation of net worth wealth management products, continuously optimizing its product structure. Products and investments that comply with the new regulations on asset management both exceeded RMB1 trillion. ICBC Wealth Management, as the largest wealth management subsidiary in the banking system, is ICBC’s core platform and flagship brand to promote in-depth development of big asset management business. Guided by regulatory requirements such as the new regulations on asset management, ICBC Wealth Management has continuously been exploring products and services by reinforcing the building of investment & research capability and risk control capability. ICBC Wealth Management currently provides all-round services to 26 million personal customers and 730,000 corporate customers to meet their asset allocation and wealth management needs.