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ICBC Private Bank resets strategy focus ahead of WMP ban

ICBC Private Bank, China’s second largest, is resetting its product and service strategy focus, ahead of a regulatory ban to outlaw guaranteed wealth management products (WMP) by 1 July next year. At RMB 2.7 trillion, ICBC held the Chinese banking industry’s most significant WMP balance, as of the end of 2016, tipping it to be among the most affected by…

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