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, which is 50.1 per cent 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.
BlackRock, the world’s biggest asset manager, is one of several large international investment groups seeking to expand in China and capitalise on growing savings and maturing markets as the country liberalises its financial system.
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