By Clarence Leong

 

A Agricultural Bank of China Ltd. unit and BNP Paribas Asset Management Holding SA plan to set up a joint venture wealth management company, a sign of China further opening up its financial markets to Western companies.

Agricultural Bank of China Wealth Management Co. has received regulatory approval for the JV, the Chinese lender said in a late Wednesday filing to the Hong Kong exchange.

The Chinese side will contribute 49% of the JV funding, while its France-based partner will contribute 51%, according to the filing.

The JV will "better satisfy the increasingly diversified investment and wealth management needs of various types of customers," Agricultural Bank of China said.

Last year, Chinese regulators approved a wealth-management joint venture between Goldman Sachs Group Inc. and Industrial & Commercial Bank of China Ltd. Other U.S. banks and investment firms, such as JPMorgan Chase & Co. and BlackRock Inc., have also been allowed greater access to China's markets since 2021.

 

Write to Clarence Leong at clarence.leong@wsj.com

 

(END) Dow Jones Newswires

October 19, 2022 20:45 ET (00:45 GMT)

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