China approves Goldman Sachs, ICBC joint wealth management venture

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BEIJING (Reuters) – China’s largest bank Industrial and Commercial Bank of China (ICBC) said on Tuesday its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset Management.

The unit of U.S. banking giant Goldman Sachs Group Inc (NYSE:GS) will offer a 51% funding contribution ratio, while the wealth management unit of ICBC will offer 49%, the Chinese bank said in a exchange filing.