Goldman Sachs ICBC Wealth Management Co., Ltd.’s CBIRC Approval

King & Wood Mallesons worked on all the preparation for Goldman Sachs ICBC Wealth Management commencement of operations.

On 24 June 2022, Goldman Sachs and Industrial and Commercial Bank of China Limited announced that their joint venture Goldman Sachs ICBC Wealth Management Co., Ltd. (Goldman Sachs ICBC Wealth Management) obtained approval from China Banking and Insurance Regulatory Commission (CBIRC) for operations. Goldman Sachs ICBC Wealth Management, registered in Shanghai, is the fourth China-foreign wealth management company approved by the CBIRC, with a registered capital of RMB 1 billion.

Goldman Sachs ICBC Wealth Management was jointly established by Goldman Sachs Asset Management, L.P. and ICBC Wealth Management Co., Ltd. (ICBC Wealth Management), with contributions from the two accounting for 51% and 49%, respectively. The joint venture will engage in asset management-related business such as offering public and private financial products and financial advisory services.

KWM  represented ICBC Wealth Management in antitrust filing in China and coordinated the related matters in several jurisdictions outside China with a team led by partners Su Zheng (Picture) and Liulinlin, and supported by the antitrust team led by partner Chai Zhifeng.

Involved fees earner: Liu Linlin – King & Wood Mallesons; Su Zheng – King & Wood Mallesons; Chai Zhifeng – King & Wood Mallesons;

Law Firms: King & Wood Mallesons;

Clients: ICBC Wealth Management;

Sonia Carcano

Author: Sonia Carcano