On December 4, China CITIC Bank was approved by the China Banking and Insurance Regulatory Commission to establish a wholly-owned wealth management subsidiary. The official reply stated that China CITIC Bank has been approved to invest no more than CNY 5 billion in the preparation of Xinyin Wealth Management Co., Ltd. So far, China CITIC Bank has become the fourth joint-stock commercial bank which has been approved to build a wealth management subsidiary. China CITIC Bank will steadily advance the preparation of the wealth management subsidiary in accordance with relevant regulatory rules and procedures.
Over the past 30 years since its establishment, China CITIC Bank has always kept serving the real economy, operated steadily and advanced with the times. At present, with total assets exceeding CNY 6 trillion and over 60,000 employees, it has turned into a financial group with strong comprehensive strength and brand competitiveness. Asset management business has always been one of the important strategic sectors for the development of China CITIC Bank, and also an important part of China CITIC Bank’s comprehensive financial service strategy.
As the predecessor of China CITIC Bank’s wealth management subsidiary, China CITIC Bank’s asset management business center operates based on the division system like a corporation. After 3 years of development, it has steadily promoted the work of scale improvement, structural adjustment, risk mitigation, and system reform. The market-oriented transformation of its bank wealth management business has achieved remarkable results. It boasts a complete product line of local and foreign currency offerings covering currency, pure debt, fixed income, equity, multi-asset, quantitative investment, index, and specific targets. As of the end of the third quarter of 2019, the size of assets under China CITIC Bank’s management has reached CNY 1.14 trillion, up 24% from the beginning of the year, and ranked among the top joint-stock banks.
China CITIC Bank’s wealth management subsidiary will actively respond to the requirements of the regulatory authority to develop the asset management business by following the principle of “Being trusted to manage money for others,” and attract social funds to the entities to promote the development of the real economy. By relying on the parent bank’s rich experience in asset management and strong channel marketing advantages, China CITIC Bank’s wealth management subsidiary is trying to build itself into a leading asset management institution both at home and abroad so as to contribute to the high-level development of China CITIC Bank.