“This partnership is consistent with the US-China efforts to open the Chinese market to US financial services firms,” BlackRock, the world’s largest asset manager, said in an emailed statement on Saturday.
BlackRock Inc. and Singapore’s Temasek Holdings Pte received approval to jointly build an asset-management business in China with one its biggest banks, bolstering the US company’s expansion in the nation.
BlackRock said that it, along with, state investor Temasek and China Construction Bank Corp. received the go-ahead from the China Banking and Insurance Regulatory Commission.
