China's efforts to tighten oversight of its $20 trillion-plus wealth manage...
HONG KONG - China’s efforts to tighten oversight of its $20 trillion-plus wealth management industry are spurring foreign banks to speed up plans to enter the local market or expand there, six people involved in the discussions said.
Recently, however, officials have begun forcing domestic banks to separate their wealth-management businesses, a move sources said was aimed at improving governance as part of Beijing’s broader push to reduce debt and limit the sale of risky products. The private banking units of top Chinese commercial banks, including China Merchants Bank, Industrial and Commercial Bank of China, and Bank of China dominate the local market, according to Asian Private Banker.China’s five major banks have so far gotten the regulatory nod to set up wealth management units, the China Banking and Insurance Regulatory Commission said last month.
Francois Monnet, Credit Suisse private banking head in North Asia, said onshore investors’ “normalizing” expectations of returns had created a more level playing field for foreign banks. Credit Suisse will compete with Goldman Sachs and UBS on advising wealthy clients in China. China is a “strategic priority” for UBS and billionaires are being created at a faster pace there than anyplace else in the world, said UBS Wealth Management’s China business head Marina Lui.
Nomura, which is said to be in line for regulatory approval this year for the securities joint venture that will allow it to offer wealth management services, also declined to comment.In the mass affluent market - clients with investable assets of between $100,000 and $1 million - in China, foreign banks are gearing up to boost growth as a shadow banking crackdown brings such investors into the mainstream.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 34 highest-paid players in baseballIn 2019, 34 MLB players will earn $20 million or more for their services.
Read more »
Pompeo: US to make sure China can't blockade South China SeaMANILA, Philippines (AP) — U.S. Secretary of State Mike Pompeo says the United States is committed to ensuring the South China Sea remains open to all kinds of navigation and that 'China does not...
Read more »
A gold-plated submachine gun and $20 billion: How Pakistan can get sucked into the Saudi-Iran rivalryPakistan may become the latest arena for Saudi Arabia and Iran's rivalry as it accepts billions of dollars in aid and investment from Riyadh.
Read more »
Backstage Selfies With the Backstreet Boys or Bhad BhabieSuperstar music acts have charged hundreds or even thousands of dollars for special perks at arena and stadium shows. Now, smaller acts are increasingly taking a piece of one of the music industry’s most lucrative growth sectors.
Read more »
Tyler Perry’s final ‘Madea’ movie figures to close series with a solid opening weekendLionsgate’s 'A Madea Family Funeral,” the eleventh film to feature Perry as the volatile grandma, is poised to open with $18 million to $20 million in ticket sales.
Read more »
Watch: Six Philadelphia Taco Bell employees band together, beat up customer after wait time complaints'When I reached out to Taco Bell for justice they offered a $20 gift card,' victim Bryan Reese wrote on Twitter.
Read more »
Debate over retiring the $100 bill resurfaces with a surge in circulationA decade ago, the number of $100 bills lagged well behind $1 and $20 notes. But the tally has doubled since the end of the financial crisis, and now the C-note has eclipsed the $1 to become the most widely distributed U.S. currency.
Read more »
How badly are we being ripped off on eyewear? Former industry execs tell allCharles Dahan was a leading supplier of frames to LensCrafters, before the company was purchased by Luxottica. Glasses that cost him $20 to make would be sold for five times that amount.
Read more »
Treasury yields slightly lower as investors await US-China trade dealU.S. government debt yields fell as investors monitored ongoing U.S.-Sino trade developments and an upcoming ECB meeting.
Read more »
After Trump walked out on Kim Jong Un, don't expect a US-China trade dealBeijing simply cannot accept Washington's control over its economy, Michael Ivanovitch writes.
Read more »