Goldman Sachs forms wealth management JV in China

Goldman Sachs gained initial approval from China’s regulatory authorities for a wealth venture with ICBC, one of the country’s largest banks, reported the Financial Times.

Goldman Sachs Asset Management is set to own 51% of the joint venture and ICBC wealth management, a subsidiary of ICBC, will own the remaining 49%.

As foreign asset managers rush to capitalize on the country’s vast pool of savings, Beijing backs the deal with ICBC. Goldman stated that the wealth venture received preliminary approval from the China banking and insurance regulatory commission.