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China approves Goldman Sachs, ICBC joint wealth management venture By Reuters

© Reuters. FILE PHOTO: The emblem of Industrial and Commercial Bank of China (ICBC) is pictured on the entrance to its department in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo

BEIJING (Reuters) – China’s largest financial institution Industrial and Commercial Bank of China (ICBC) mentioned on Tuesday its unit had obtained approval to arrange a foreign-controlled wealth management agency with Goldman Sachs Asset Management.

The unit of U.S. banking large Goldman Sachs Group Inc (NYSE:) will provide a 51% funding contribution ratio, whereas the wealth management unit of ICBC will provide 49%, the Chinese financial institution mentioned in a trade submitting.

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