Amundi: China approves of joint-venture Amundi & BOC Wealth Management

December 20, 2019

European’s largest asset management company, and BOC Wealth Management, the subsidiary of Bank of China, have received the approval from China Banking and Insurance Regulatory Commission to launch the establishment of an asset management joint-venture.

In order to implement the decision of the Chinese authorities, in particular the 11 measures proposed by the State Council’s Financial Stability Development Committee to further expand the opening up of the financial industry, Bank of China responded swiftly to regulatory policy requirements and extensively approached international leading asset managers, before agreeing to partner with Amundi. Amundi has responded favourably to the opportunity provided by the new regulatory framework, and to the proposal by Bank of China for Amundi to become the majority shareholder of a new asset management joint venture. This partnership will complement and accelerate Amundi’s development strategy in China. Hence Bank of China and Amundi actively launched the preparatory work for the establishment of their joint company and took the lead starting the process for obtaining domestic regulatory approval. The target is to launch the company during the second half of 2020.

The joint-venture Company will share the characteristics and strengths of both shareholders. It will fully leverage Amundi’s international first-class investment management capabilities and advanced services and expertise. At the same time, the joint venture company will make full use of the existing advantages of Bank of China Wealth Management Company and the Bank of China's branding, distribution channels and management experience to serve institutional and individual investors and to provide first-class asset management products and leading asset management services nationwide.

Commenting this project, Bank of China Chairman Liange LIU said: “Bank of China and Amundi jointly establish the first asset management joint venture company under the wealth management framework regulated by CBIRC with a foreign shareholder holding a majority stake. This fully demonstrates that the accelerated opening of China's financial market conforms to global market development trends, reflects the recognition of international investors to the development potential in the Chinese market, and promotes the healthy development of China's asset management market. We are grateful to Amundi for choosing Bank of China as a partner. The two parties will cooperate sincerely, be committed to building a first-class asset management joint venture company and share the opportunities along the development of asset management market in China”.

“The project of creation of a Joint Venture between Amundi and BOC Wealth Management and the long term partnership with Bank of China will allow Amundi to add a new pillar to its development strategy in China and to benefit from strong commercial relations with one of the leading banks in China” added Yves Perrier, Chief Executive Officer of Amundi. ”Amundi is proud to have been selected by Bank of China to participate to this pioneer project, in order to build a first class asset management company in China.”