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ICBC Cleared To Build Wealth Arm

Editorial Staff

21 February 2019

Chinese regulators have reportedly cleared to set up a wealth management unit.

The world’s most valuable bank by market cap is putting RMB16 billion ($2.37 billion) of its own capital into this wholly-owned subsidiary, according to International Investment and other outlets. (ICBC made no reference to the matter on its website that WealthBriefingAsia was able to identify.)

The China Banking and Insurance Regulatory Commission has given its blessing to ICBC’s venture.

Other major Chinese banks have set up wealth management units, such as Bank of Communications, Agricultural Bank of China, Construction Bank of China and Bank of China.

An annual report prepared by Brand Finance put ICBC in eighth spot for the most valuable brand, with a value of $79.823 billion, a gain of 34.9 per cent in 2018 from the previous year. Amazon ranks top, at $187.9 billion, up by 24.6 per cent, followed by Apple; Google; Microsoft; Samsung; AT&T; Facebook; ICBC, Verizon and China Construction Bank.