Credit Suisse First Boston and China's largest lender, the Industrial and Commercial Bank of China, are in advanced talks to establish the first asset management venture between a foreign financial firm and a Chinese bank, paving the way for others to follow, the Financial Times reported. A deal between the two companies would give CSFB access to ICBC's more than US$430bn in deposits. If approved, the joint venture would enable CSFB to sell its asset management products through the bank's network of thousands of branches.
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