Deutsche Bank is reportedly in talks with a Chinese lender to establish a new wealth management joint venture.
Deutsche Bank is in talks with the wealth management unit of Postal Savings Bank – the mainland’s fifth-largest lender – to form a joint venture, according to a «Caixin» report citing unnamed sources.
Deutsche Bank plans to take a majority stake in the wealth management joint venture with Postal Savings Bank of China, though discussions remain underway with no agreements concluded.
Wealth JVs
Deutsche Bank’s plans mark the latest foreign player seeking to take advantage of the opening up of China’s financial sector.
Currently, four wealth management joint ventures have been approved by Chinese regulators including Amundi and BOC (Bank of China) Wealth Management; Blackrock and CCB (China Construction Bank) Wealth Management; Schroders Group and BOCOM (Bank of Communications) Wealth Management; and Goldman Sachs and ICBC Wealth Management.
