The Strategist

Bank of China to set up a capital management subsidiary


11/16/2018 - 14:32



Bank of China plans to invest up to 10 billion yuan ($ 1.44 billion) to launch a capital management subsidiary, reports The Paper.



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Following 14 small and medium-sized commercial banks that announced their intention to establish asset management subsidiaries, Bank of China was the first of the four largest state-owned banks to make this decision.

The subsidiary will use Bank of China’s own funds to meet the latest regulatory requirements.

Official rules for subsidiaries of commercial capital management banks will be published later this month.

According to the project, such companies will mainly focus on further reducing the initial price of sales of capital management products.

The affiliates will also be allowed to create capital management products to directly or indirectly invest in the stock market or cooperate with private equity funds.

In August, Bank of China also announced that it will significantly increase investment in innovative research and development.

In addition to the usual technological investments, the annual contribution to research and development in the field of science and technology will be at least 1% of the operating profit of the bank, said Chief Information Office.

According to him, in 2018, Bank of China will integrate development of science and technology into a new stage of strategic planning and will focus on creating three large platforms, including cloud computing, big data and artificial intelligence.

source: thepaper.cn




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