On September 24th, China Banking and Insurance Regulatory Commission (CBRC) officially approved the opening of Huihua Wealth Management Co., Ltd. (hereinafter referred to as “Huihua Wealth Management”). Huihua Wealth Management is the first Sino-foreign joint-venture wealth management company with a registered capital of 1 billion yuan, registered in Shanghai.
Calyon Asset Management Co., Ltd. holds 55% of the shares and Bank of China Wealth Management Co., Ltd. holds 45% of the shares. Calyon Wealth Management Co., Ltd. will mainly engage in the issuance of public financing products, private financing products, financial consulting and other asset management related services.
The first joint-venture wealth management company in China has been approved to open, which is an important symbol of the further opening up of China’s financial industry. It is conducive to introducing the professional experience of international advanced asset management institutions, further enriching the market players and product categories of asset management, and meeting the diversified service needs of investors.
As one of the most globalized and integrated Chinese banks, Bank of China has long been a pacesetter in financial opening-up and a pioneer in innovation and reform. Calyon is a leading global asset management firm with mature professional experience in business philosophy, operational management mechanism, portfolio management and risk management. Bank of China will join hands with Calyon to give full play to the advantages of both shareholders and support Calyon to provide customers with first-class financial products and asset management services by focusing on the local market and taking a global view.
Next, Bank of China will strictly implement relevant procedures in accordance with regulatory requirements and promote the opening of Huihua Wealth Management as soon as possible.