(Yicai Global) Dec. 23 -- China's main banking and insurance regulator has given the green light to European financial giant Amundi Asset Management to establish China's first foreign-controlled asset management company with undisclosed registered capital.
Paris-headquartered Amundi will have 55 percent of the Shanghai joint venture's equity and a unit of Bank of China will have the remainder, the China Banking and Insurance Regulatory Commission said in a statement on Dec. 20, without disclosing the JV's name.
Last year, China started allowing some types of foreign financial firms to hold up to 51 percent of their China JVs' equity, pledging all the restrictions to be scrapped by 2020.
Other overseas asset management agencies are also in talks with units of Chinese lenders to establish foreign-controlled asset management JVs, the CBIRC added.
This year, the country's authorities have given the go-ahead to 14 domestic banks to set up wealth management subsidiaries, nine of which have already kicked off.
Editor: Emmi Laine