Amundi and BOC Wealth Management, the subsidiary of Bank of China, have received the approval from China Banking and Insurance Regulatory Commission to start the establishment of an asset management joint-venture.
In order to implement the decision of the Chinese authorities, in particular the 11 measures proposed by the State Council’s Financial Stability Development Committee to further expand the opening up of the financial industry, Bank of China responded timely to regulatory policy requirements and extensively approached international leading asset managers, and finally reached the intention of cooperation with Amundi. Amundi has responded favorably to the opportunity provided by the new regulatory framework, and to the proposal of Bank of China to become the majority shareholder of a new asset management joint venture.