Six bank financial subsidiaries have been approved to start construction! The impact of 5.5 trillion financial management can directly invest in a shares. On the evening of May 29, the postal savings bank announced that it had received the reply of China Banking and Insurance Regulatory Commission on preparing for the establishment of China Post Financial Management Co., Ltd., and the bank was allowed to prepare for the establishment of China Post Financial Management Co., Ltd. So far, the six major state-owned banks have been approved to prepare for the establishment of financial subsidiaries.
Announcement of postal savings bank
The postal savings bank announced that it had recently received the approval of the China Banking and Insurance Regulatory Commission on the preparation for the establishment of China Post Financial Management Co., Ltd. (Yin Bao Jian Fu [2019] No. 540). According to the reply of China Banking and Insurance Regulatory Commission ("CBRC"), it is approved to prepare for the establishment of China Post Financial Management Co., Ltd.
The postal savings bank said that after the preparatory work is completed, the bank will apply to the China Banking and Insurance Regulatory Commission for business in accordance with relevant regulations and procedures.
All six state-owned banks were approved to build financial subsidiaries
Among the six major state-owned banks, in terms of the time when they were approved to prepare for the establishment of financial subsidiaries, China Construction Bank and Bank of China were approved the earliest, both on December 26, 2018; Agricultural Bank of China and Bank of communications were approved on January 4, 2019; ICBC was approved on February 15, 2019; The postal savings bank was approved on May 29, 2019.
From the perspective of the registered capital of the proposed financial management subsidiary, the total planned registered capital of the six state-owned banks shall not exceed 69 billion yuan. Among them, ICBC ranked first with no more than 16 billion yuan, and China Construction Bank ranked second with no more than 15 billion yuan; The Agricultural Bank of China followed closely with no more than 12 billion yuan. The Bank of China shall not exceed 10 billion yuan, and neither the Bank of communications nor the postal savings bank shall exceed 8 billion yuan.
From the perspective of the proposed registration places of the six state-owned financial subsidiaries, they are all first tier cities in China. The financial management subsidiaries of industrial and Commercial Bank of China, Bank of China and postal savings bank are proposed to be registered in Beijing, the financial management subsidiaries of Bank of communications are proposed to be registered in Shanghai, and the financial management subsidiaries of China Construction Bank and Agricultural Bank of China are proposed to be registered in Shenzhen.
According to the process, after the approval of the CBRC, the bank will make preparations within 6 months; After the preparation is completed, it is necessary to submit an application for business opening, and the cbcirc will approve it within 2 months; After receiving the approval documents and obtaining the financial license, handle the industrial and commercial registration and obtain the business license, and start business within 6 months from the date of receiving the business license.
ICBC, China Construction Bank and Bank of communications have been approved to start business
On May 22, the China Banking and Insurance Regulatory Commission announced that it approved the opening of ICBC Financial Management Co., Ltd., a wholly-owned subsidiary of industrial and Commercial Bank of China (hereinafter referred to as "ICBC financial management"), and CCB Financial Management Co., Ltd., a wholly-owned subsidiary of China Construction Bank (hereinafter referred to as "CCB financial management").
Announcement of Bank of Communications
On the evening of May 29, the Bank of communications announced that the wholly-owned subsidiary bank of communications Financial Management Co., Ltd. (hereinafter referred to as "Bank of communications financial management") was approved by the China Banking and Insurance Regulatory Commission to start business.
Bocom financial management of Bank of communications became the third financial management subsidiary of a large state-owned bank approved to open after ICBC financial management and CCB financial management.
Bank of communications announced that bocom financial management is mainly engaged in asset management related businesses such as issuing public offering financial products, issuing private placement financial products, financial consulting and consulting. Bocom said that in the next step, it will strictly perform relevant procedures in accordance with regulatory requirements and promote the opening and operation of BOCOM wealth management as soon as possible.