Reported 11 months ago
On June 23, 2024, foreign media revealed that the China Banking and Insurance Regulatory Commission recently emphasized the risks of banks without established wealth management subsidiaries conducting wealth management business, demanding certain city commercial banks and rural commercial banks to clear all outstanding wealth management business by the end of 2026. Some provinces require relevant banks to reduce wealth management business to the level before August 2021 by the end of this year. Regulators have issued warnings to various provinces, such as Guangdong, Shandong, and Zhejiang, prompting them to submit plans for reducing city commercial banks' wealth management business. The impact is believed to be minimal, with smaller banks having less significant concerns compared to those preparing to establish wealth management subsidiaries.
Source: YAHOO