The deal comes as China’s government continues to open up its financial industry to foreign firms. On Friday, French asset manager Amundi SA said it had won approval to establish a majority-owned wealth management venture with a unit of Bank of China Ltd.
(Dec 23): US asset manager BlackRock Inc, Singapore state investor Temasek Holdings and China Construction Bank Corp (CCB) have agreed to set up a wealth management joint venture in China, said people with direct knowledge of the matter.
A memorandum of understanding has been announced internally within BlackRock and CCB, according to the people and an internal notice seen by Reuters.
