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PSA-Sical stares at royalty dues of over Rs 3,000 cr as apex court overturns arbitration award to re-write contract
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SC sets aside arbitral award allowing PSA-Sical Terminals to re-write the contract
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China okays Goldman Sachs, ICBC joint wealth management venture
A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014. REUTERS/Lucas Jackson/File Photo
May 25, 2021
China‘s largest bank Industrial and Commercial Bank of China (ICBC) said on Tuesday its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset Management.
The unit of U.S. banking giant Goldman Sachs Group Inc will offer a 51% funding contribution ratio, while the wealth management unit of ICBC will offer 49%, the Chinese bank said in a exchange filing.
UPDATE 1-China approves Goldman Sachs, ICBC joint wealth management venture Reuters 6 days ago
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BEIJING, May 25 (Reuters) - China s largest bank Industrial and Commercial Bank of China (ICBC) said on Tuesday its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset Management.
The unit of U.S. banking giant Goldman Sachs Group Inc will offer a 51% funding contribution ratio, while the wealth management unit of ICBC will offer 49%, the Chinese bank said in a exchange filing.
The joint venture is to create a world-class asset management business, said Goldman Sachs in an emailed statement to Reuters, as it will combine Goldman Sachs Asset Management s expertise in investment and risk management with ICBC s strong brand recognition and unparalleled access to retail and institutional clients across China.
FinanceBlackRock expands China footprint with wealth management licence
Reuters
1 minute read
A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
BlackRock Inc (BLK.N) has received a licence in China for a majority-owned wealth management venture, expanding its footprint in the country s fast-growing asset management market.
The U.S. fund giant said on Wednesday its wealth management venture with a unit of China Construction Bank Corp (CCB) (601939.SS), and Singapore state investor Temasek Holdings (Pte) Ltd (TEM.UL) can now start business.
The venture, 50.1% owned by BlackRock and 40% by CCB s wealth management unit, will draw on BlackRock s investment expertise and CCB s vast distribution network, the U.S. firm said in a statement.
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