China's largest bank by assets has drawn down the curtains on a wealth management offering.

China’s largest bank by assets, Industrial and Commercial Bank of China, will not accept new applications for personal comprehensive wealth management from the start of June, because this business has reached the end of its life, reports said.

A report by China Daily said the wealth management business was also known as a deposit-loan interflow service. An ICBC client with loans and deposits business in the same account can sign a deposit-loan interflow agreement and manage money with regularly saved deposit funds. The financial income will be used to deduct his loan interest, the report said.

For clients who have signed an agreement to do comprehensive wealth management, no extension will be offered, ICBC reportedly said in a statement. 

The news service quoted a source at ICBC saying that there was not a more significant reason for shuttering this service.