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Chinese regulator approves ICBC’s application to set up WM subsidiary

The China Banking and Insurance Regulatory Commission (CBIRC) has approved Industrial and Commercial Bank of China’s (ICBC) application to set up a wealth management subsidiary in keeping with China’s new banking rules. According to a circular issued by the Chinese regulator on Sunday, ICBC’s application was approved late last week, making it the fifth and final of China’s five major state-owned…

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