Cleary Gottlieb successfully represented Amundi Asset Management (Amundi AM) in obtaining the approval from the China Banking and Insurance Regulatory Commission (CBIRC) to commence the preparatory work in the establishment of a wealth management joint venture in the PRC with Bank of China Wealth Management Company Limited (BOC WMC), a subsidiary of Bank of China Limited.
Amundi AM and BOC WMC will own 55% and 45% of the registered capital of the JV, respectively. The JV is the first foreign controlled wealth management company in the PRC that the CBIRC has approved to be established.