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Laxman Pai, Opalesque Asia:

European money manager Amundi and BOC Wealth Management, a Bank of China subsidiary, have received approval from China Banking and Insurance Regulatory Commission to establish an asset management joint venture.

According to the European's largest asset management company, it is the first asset management joint venture company with a foreign shareholder holding a majority stake under the wealth management framework regulated by China Banking and Insurance Regulatory Commission (CBIRC).

The Shanghai-based venture will be 55% owned by Amundi and 45% owned by Bank of China Wealth Management, it said.

Clearance of the Amundi-BOC venture followed the July release of policies to widen foreign access to China's financial market, including a rule allowing majority foreign ownership of mainland-based wealth management companies.

The joint venture will also leverage the Chinese shareholder's expertise in domestic market management and client networking to provide more diverse products and services to the market, the commission said.

Bank of China Chairman Liange LIU said: "Bank of China and Amundi jointly establish the first asset management joint venture company under the wealth management framework regulated by CBIRC with a foreign shareholder holding a majority stake. This fully demonstrates that the accelerated opening of China's financial market conforms to global market development trends, reflects the recognition of internati......................

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