On January 1, Zheshang Bank announced that it received the "Reply of the State Financial Supervision and Administration on the Preparation for the Establishment of Zhejiang Bank Wealth Management Co., Ltd." (Jin Fu 2023 No. 506) on December 29, 2023. According to the reply, the bank was approved to establish Zhejiang Bank Wealth Management Co., Ltd. After the completion of the preparatory work, Zheshang Bank will submit an application to the State Administration of Financial Supervision for opening in accordance with the relevant regulations and procedures. At this point, the bank will have a second financial subsidiary after Zhejiang Bank Financial Leasing.
It is understood that in recent years, Zheshang Bank has continuously promoted the transformation of wealth management business into net worth, and has successively launched a series of net-worth wealth management products such as "Shengxin Win", "Juxin Win", "Yongxin" and "Yongying". As of the end of June 2023, the balance of the bank's wealth management products was 1,7643.7 billion yuan, of which the funds of individual and institutional customers accounted for 9145% and 855% ；The balance of net-worth wealth management products is 15209 billion yuan, accounting for 8620%。
The relevant person in charge of Zheshang Bank said that the approval of the establishment of Zheshang Bank Wealth Management is a new starting point to promote the return of wealth management business to its origins, strengthen risk isolation, and guide social funds to irrigate the real economy. It is also an important starting point for the bank to implement the strategy of deep cultivation in Zhejiang and the two priorities of service, which is conducive to further accelerating the exploration of an effective path to establish finance to help common prosperity. In addition, the establishment of wealth management subsidiaries and the completion of license shortcomings are conducive to better integrating business resources, enriching the wealth management product system, and better meeting the diversified financial needs of customers.
Edited by Yue Caizhou.
Proofread by Liu Baoqing.