Recently, ABC Wealth Management Co., Ltd. ("ABC Wealth"), a wholly-owned subsidiary of Agricultural Bank of China Limited ("ABC"), has received the approval from National Financial Regulatory Administration for the opening of BNP Paribas ABC Wealth Management Co., Ltd ("Company"), a Sino-foreign wealth management joint venture in cooperation with BNP Paribas Asset Management Holding ("BNPP AM", together with "ABC Wealth", the "Parties").
The registered capital of the Company is RMB 1 billion contributed jointly by ABC Wealth and BNPP AM with 49% and 51% respectively. It is the first wealth management company approved by National Financial Regulatory Administration after its establishment, and the fifth Sino-foreign wealth management joint venture approved to open, and its primary businesses are issuance of publicly offered wealth management products, issurance of privately offered wealth management products, wealth management advisory and cousulting services and other asset management business.
As a wholly-owned subsidiary of ABC, ABC Wealth is committed to developing into a leading asset management institution offering excellent customer experience. The Company can fully utilize the Parties' respective strengths and characteristics, and better serve the increasingly diversified investment and wealth management needs of various customers.
Global Law Office ("GLO") acted as the PRC legal counsel to ABC Wealth in the transaction and has been deeply involved in the preparation stage and opening stage of the Company, providing high-quality legal services on the design of transaction structure, negotiation of commercial terms and the drafting of transaction documents.
GLO's team is led by Jinrong Liu, Minghao Xu, Qiuning Kang and Qing Ren, and the team members also include Chao Meng, Yi Wu, Yue Chang and Shuhan Li.
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