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BlackRock, Temasek to take majority stake in wealth management JV with China Construction Bank

Reuters
Reuters12/23/2019 02:44 PM GMT+08  • 3 min read
BlackRock, Temasek to take majority stake in wealth management JV with China Construction Bank
(Dec 23): US asset manager BlackRock Inc, Singapore state investor Temasek Holdings and China Construction Bank Corp (CCB) have agreed to set up a wealth management joint venture in China, said people with direct knowledge of the matter.
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(Dec 23): US asset manager BlackRock Inc, Singapore state investor Temasek Holdings and China Construction Bank Corp (CCB) have agreed to set up a wealth management joint venture in China, said people with direct knowledge of the matter.

A memorandum of understanding has been announced internally within BlackRock and CCB, according to the people and an internal notice seen by Reuters.

The deal comes as China’s government continues to open up its financial industry to foreign firms. On Friday, French asset manager Amundi SA said it had won approval to establish a majority-owned wealth management venture with a unit of Bank of China Ltd.

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