Investing giants BlackRock have been given the go-ahead to initiate a wealth management business on the Chinese mainland. The Chinese Banking and Insurance Regulatory Commission announced on Wednesday that the joint venture, with 50.1% owned by BlackRock and including China Construction Bank and Singapore’s state fund Temasek, had been approved, reports the FT.
Growing savings and maturing markets in China are attracting several large international investors who are looking to capitalize on the increasing liberalization of the country’s financial system.
“The Chinese market represents a significant opportunity to help meet the long-term goals of investors in China and internationally,” said Larry Fink, BlackRock chief executive, in a statement. “We are committed to investing in China to offer domestic assets for domestic investors and look forward to creating a better financial future for more people.”