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CMB to excise RMB 800bn of WMP AUM in drastic surgery to meet new regulatory rules

China Merchants Bank (CMB), China’s second-largest issuer of bank wealth management products (WMPs), is aiming to excise some RMB 800 billion of assets under management from the business, according to Wang Liang, the board secretary and executive vice president in charge of the bank’s transition plan, to cope with regulators’ new rules for asset management. The excision will represent 35%…

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