The CBIRC Launched A Pilot Project for Pension Wealth Management Products
The China Banking and Insurance Regulatory Commission (CBIRC) has issued a notice on the launch of a pilot pension wealth management product (hereinafter referred to as the notice), saying that since September 15, ICBC Wealth Management LLC in Wuhan and Chengdu, CCB Wealth Management LLC and CMB Wealth Management LLC in Shenzhen, and Everbright Wealth Management LLC in Qingdao have launched a pilot pension wealth management product. The pilot period is tentatively set at one year. During the pilot phase, the total size of funds raised by a single pilot institution for pension wealth management products is limited to 10 billion yuan.
The four approved pilot bank wealth management subsidiaries, all of which are currently larger and better known bank wealth management subsidiaries. From the 2021 semi-annual reports disclosed by these banks, CMB Wealth Management ranks first with 2.64 trillion yuan of wealth management products, up 7.76% from the end of 2020, with a net profit of 1.557 billion yuan; ICBC Wealth Management has 1.25 trillion yuan of wealth management products and a net profit of 333 million yuan; CCB Wealth Management has 946.2 billion yuan of wealth management products and a net profit of 529 million yuan; Everbright Wealth Management did not disclose the scale data, net profit of 691 million yuan.
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