CBIRC approves Goldman Sachs-ICBC launch of wealth management joint venture
The entire process of getting operations of Goldman Sachs ICBC Wealth Management up and running was handled by King & Wood Mallesons.
The Industrial and Commercial Bank of China Limited and Goldman Sachs announced on June 24, 2022 that the China Banking and Insurance Regulatory Commission (CBIRC) had given the go-ahead for the operations of their joint venture, Goldman Sachs ICBC Wealth Management Co., Ltd. (Goldman Sachs ICBC Wealth Management). With a registered capital of RMB 1 billion, Goldman Sachs ICBC Wealth Management, headquartered in Shanghai, is the fourth China-foreign investment management business to receive CBIRC approval.
ICBC Wealth Management Co., Ltd. (ICBC Wealth Management) and Goldman Sachs Asset Management, L.P. (Goldman Sachs Asset Management) jointly founded Goldman Sachs ICBC Wealth Management, with the two contributing 51 percent and 49 percent of the company, respectively. The joint venture will conduct activities connected to asset management, such as providing financial advice services and selling both public and private financial goods.
With a team led by partners Su Zheng and Liulinlin and assisted by the antitrust team led by partner Chai Zhifeng, KWM represented ICBC Wealth Management in the antitrust filing in China and synchronized the associated matters in numerous jurisdictions outside of China.