Jun 18, 2022 06:24 AM

FINANCE

Minsheng Bank Wins Final Clearance for New Wealth Management Unit

By Wu Xiaomeng and Han Wei

t took nearly a year and a half for Minsheng to win the green light after it was approved in December 2020

t took nearly a year and a half for Minsheng to win the green light after it was approved in December 2020

China Minsheng Bank Thursday secured a long-awaited license to kick off business by its wholly owned wealth management unit, taking a step toward catching up with its major rivals.

The Beijing-based unit, Minsheng Wealth Management Co. Ltd., has a registered capital of 5 billion yuan ($746 million) with businesses ranging from public and private wealth management product issuance to wealth advisory and consulting, according to the bank.

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