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Overseas banks scramble to sell domestic mutual funds
By Tang Jihong |
18:04 UTC+8 July 2, 2013
|
Online Edition
Online Edition
OVERSEAS banks scrambled for market share to boost revenue after receiving the green light from the China Securities Regulatory Commission to sell domestic mutual funds.
Citigroup was one of the eight overseas banks that received a license for fund distribution in Chinese mainland last week.
Citibank China, a subsidiary of the US lender on the mainland, said it has launched its fund distribution business today and conducted the first transaction at its outlet in Shanghai. The service will be available to retail investors nationwide in phases, according to a Citibank China statement released today.
Another overseas lender with a new license, Hong Kong-based Bank of East Asia, inked cooperation agreements with five asset management companies yesterday, including Huaan Fund Management, UBS SDIC Fund Management, China Universal Asset Management, HFT Investment Management, Changsheng Fund Management and Citic-Prudential Fund Management.
Citibank China today sold products of Invesco Great Wall Fund Management Co and Manulife Teda Fund Management Co, and is finalizing details with seven other companies.
The other six overseas banks that were granted a business license are HSBC, Standard Chartered Bank, DBS Bank, United Overseas Bank, Hang Seng Bank and Nanyang Commercial Bank.
Citigroup was one of the eight overseas banks that received a license for fund distribution in Chinese mainland last week.
Citibank China, a subsidiary of the US lender on the mainland, said it has launched its fund distribution business today and conducted the first transaction at its outlet in Shanghai. The service will be available to retail investors nationwide in phases, according to a Citibank China statement released today.
Another overseas lender with a new license, Hong Kong-based Bank of East Asia, inked cooperation agreements with five asset management companies yesterday, including Huaan Fund Management, UBS SDIC Fund Management, China Universal Asset Management, HFT Investment Management, Changsheng Fund Management and Citic-Prudential Fund Management.
Citibank China today sold products of Invesco Great Wall Fund Management Co and Manulife Teda Fund Management Co, and is finalizing details with seven other companies.
The other six overseas banks that were granted a business license are HSBC, Standard Chartered Bank, DBS Bank, United Overseas Bank, Hang Seng Bank and Nanyang Commercial Bank.
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