Five Chinese banks may soon win asset management approval: report

China’s securities regulator may soon grant five mid-sized Chinese lenders permission to launch fund management companies, in the latest push by regulators to cultivate a slate of integrated, globally competitive Chinese financial institutions.

The Chinese Securities Regulatory Commission recently met with fund-management executives from the five banks to discuss the approval process and hear presentations about the firms’ plans, official media reported on Wednesday.

The banks are Industrial Bank, Bank of Beijing, Bank of Shanghai, Bank of Ningbo, and Bank of Nanjing.

via Business feed http://www.scmp.com/business/banking-finance/article/1139141/five-chinese-banks-may-soon-win-asset-management-approval