Bank of China’s wealth arm will partner with Paris-headquartered Amundi to form an asset management joint venture in a move to support the further opening of China's financial industry.
China Banking and Insurance Regulatory Commission approved the joint venture which will leverage Amundi’s global investment management capabilities alongside Bank of China Wealth Management’s distribution and servicing capabilities to both institutional and individual clients.
The asset manager, which is majority-owned by Amundi, is slated for launch in the second half of 2020.
China Market Opening
According to a release, the move signals Bank of China’s support of policymaker’s decision to open the domestic financial industry after it «responded swiftly to regulatory policy requirements and extensive approached international leading asset managers».
«This [joint venture] fully demonstrates that the accelerated opening of China's financial market conforms to global market development trends, reflects the recognition of international investors to the development potential in the Chinese market, and promotes the healthy development of China's asset management market,» said Bank of China chairman Liu Liange.
Amundi CEO Yves Perrier echoed the positive sentiments regarding the firm’s participation in the «pioneer project» which will act as another pillar of its development strategy in the onshore market.
