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China Zheshang Bank plans to set up wealth management subsidiary

Abstract : China Zheshang Bank, one of the country's major joint-stock commercial banks, said its board of directors have agreed to open a wholly-owned wealth management subsidiary.

HANGZHOU, Nov. 28 (Xinhua) — China Zheshang Bank, one of the country’s major joint-stock commercial banks, said its board of directors have agreed to open a wholly-owned wealth management subsidiary.

Relevant matters are still pending regulatory approval, according to a statement on the lender’s website

With a registered capital of 2 billion yuan (about 304.2 million U.S. dollars), the subsidiary will be located in Hangzhou, capital city of east China’s Zhejiang Province.

The subsidiary’s business scope includes the issuance of public and private financing products and providing financial advisory and consulting services.

The establishment of the subsidiary will strengthen the lender’s capability of serving the real economy, creating value for investors and fending off risks, according to the statement. Enditem

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Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy,BRI Trade,BRI Investment,Belt and Road weekly,Know Belt and Road,and the integrated information services for the Belt and Road Initiative (BRI).

Source: China Zheshang Bank plans to set up wealth management subsidiary

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