BNP Paribas’ asset management arm is reportedly in talks with a Chinese «big four» bank to form a wealth management joint venture in the mainland.
BNP Paribas is in talks with Agricultural Bank of China’s (AgBank) wealth unit to form a wealth management joint venture, according to a report citing unnamed sources.
BNP Paribas is expected to hold majority stakes in the joint venture.
BNP Paribas joins the likes of Blackrock, Goldman Sachs and other global financial institutions seeking to tap into China’s $19 trillion wealth management market.
French rival Amundi had initially discussed venture plans with AgBank but ultimately chose Bank of China as its partner.
AgBank and other major state banks face political pressure to form wealth management joint ventures, the report added, indicating China’s willingness to open up.
Within mainland China, BNP Paribas Asset Management already owns a Chinese mutual fund venture.