Goldman Forms Wealth Venture With China’s Largest Bank (3)

Goldman Sachs Group Inc. received approval from Chinese regulators to set up a wealth management joint venture in the world’s second-largest economy to go after an asset pool it estimated will surpass $70 trillion by the end of this decade.

Goldman Sachs Asset Management will hold 51% in the venture, while the wealth arm of Industrial & Commercial Bank of China Ltd., the world’s largest bank by assets, will own the remainder, the firms said on Tuesday.

WATCH: Goldman Sachs Group Inc. is forming a wealth management joint venture with China’s largest bank, ICBC.

(Source: Bloomberg)

Financial groups are rushing to capitalize on the opening of China’s $54 trillion financial industry. Goldman, JPMorgan Chase & Co and UBS ...