(Yicai Global) Sept. 25 -- China's banking and insurance regulator has given the green light for the country's first wealth management joint venture, owned by France's Amundi Asset Management and Bank of China, to start operation. 

The China Banking and Insurance Regulatory Commission yesterday gave Huihua Wealth Management the go-ahead to open, Securities Times reported. Paris-headquartered Amundi has 55 percent of the firm's equity and BoC the remainder.

The new company will engage in asset management-related business, including insurance of private and public wealth management products, as well as consulting. 

Editor: Emmi Laine