BEIJING, July 3 (Xinhua) -- Bank of Ningbo, a city commercial bank based in Ningbo of east China's Zhejiang Province, has been approved to establish a subsidiary focusing on wealth management.
Bank of Ningbo is the second city commercial bank in the country with approval by the China Banking and Insurance Regulatory Commission (CBIRC) to conduct wealth management business after Bank of Hangzhou in China.
The wealth management subsidiary of Bank of Ningbo will be established with a registered capital no less than 1 billion yuan (about 145.7 million U.S. dollars), according to a source of the bank.
In December last year, the CBIRC released guidelines for commercial banks to conduct wealth management businesses to strengthen their risk management and offer more financial products to meet demand in the real economy.