HANGZHOU (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 CNY2 billion (about USD304.2 million), 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 subsidiary will strengthen the lender’s capability of serving the real economy, creating value for investors and fending off risks, according to the statement.