Municipal lender Bank of Shanghai has just secured approval from local banking authorities for its wealth management subsidiary to officially commence operation.
The Shanghai banking regulator announced on 7 March that it had given approval for Bank of Shanghai Wealth Management Co., Ltd. (上银理财有限责任公司) to commence operations.
Bank of Shanghai is reportedly the third lender in China to obtain approval for its wealth management subsidiary to commence operations this year, after Shanghai Pudong Development bank and the wealth management joint-venture between Bank of Communications and Schroders – BOCOM Schroders Asset Management Co., Ltd.
Following the move a total of 25 bank wealth management subsidiaries in China have obtained approval to commence operation.
Bank of Shanghai Wealth Management has registered capital of 3 billion yuan, and obtained approval for establishment from Chinese banking authorities in July last year.