- Chinese authorities have approved BNP Paribas's ( OTCQX:BNPQF ) ( OTCQX:BNPQY ) ( OTCPK:BNPZY ) request to form an asset management venture with the Agricultural Bank of China ( OTCPK:ACGBY ) ( OTCPK:ACGBF ), Reuters reported Tuesday.
- The China Banking and Insurance Regulatory Commission granted initial approval to allow the two companies to form a joint venture, Reuters said, citing an exchange filing made by AgBank. BNP Paribas ( OTCQX:BNPQF ) will own 51% of the new venture, while AgBank will hold the rest.
- BNP Paribas Asset Management and AgBank's wealth unit ABC Wealth Management will fund the new venture, the filing said.
- China has opened its financial services market to allow foreign firms to own majority interests in businesses in 2019. Last year, Goldman Sachs ( GS ) won approval for full ownership of its Chinese securities joint venture , and BlackRock ( BLK ) was allowed to run its own mutual fund business there.
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BNP Paribas gets approval for asset management venture in China