BlackRock has received approval to begin operating a wealth management business in mainland China,
as the world’s biggest international investors push to access the country’s vast pool of savers.
The joint venture, 50.1 percent owned by BlackRock and includes China Construction Bank and Singapore’s state fund Temasek,
gained approval from the China Banking and Insurance Regulatory Commission according to an announcement on Wednesday.
the world’s biggest asset manager is one of several large international investment groups seeking to expand in China and capitalize on growing savings and maturing markets as the country liberalizes its financial system.
“The Chinese market represents a significant opportunity to help meet the long-term goals of investors in China and internationally,”
said Larry Fink, BlackRock chief executive, in a statement.
“We are committed to investing in China to offer domestic assets for domestic investors and look forward to creating a better financial future for more people.”
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