26 November 2019

King & Wood Mallesons advises China Merchants Bank on the establishment of its wealth management subsidiary

On November 1st 2019, China Merchants Bank Wealth Management Co., Ltd. ("CMB Wealth Management"), a wholly-owned subsidiary of China Merchants Bank (“CMB”), was launched upon approval by the China Banking and Insurance Regulatory Commission. According to the approval document, CMB Wealth Management with capital injection of RMB 5 billion was registered in Shenzhen, Guangdong Province, China. It is mainly engaged with public/private offering of wealth management products, financial advisory and other services related to asset management.

Since the issuance of the first foreign currency wealth management product in 2003, in the past 16 years, CMB has generated more than RMB 70 trillion with over 7 million retail customers and 110,000 institutional customers. CMB has helped its clients achieve investment revenue over RMB 300 billion. Before the establishment of CMB Wealth Management, the scale of CMB's existing wealth management business had approached to RMB 2 trillion.

As the legal counsel for the preparatory group of CMB Wealth Management, King & Wood Mallesons (“KWM”) has deeply engaged in every aspect in the process of launching CMB Wealth Management, including the transfer/divesting of the parent bank's existing wealth management business and the standardization of the wealth management subsidiary's incremental wealth management business. With the extensive experience, KWM is taking a lead in the establishment/reorganization of financial subsidiaries and other financial institutions, R&D of financial products, and financial compliance management. Following the advising on the establishment of ICBC Wealth Management Co., Ltd. and Everbright Wealth Management Co., Ltd., this project represents another success of KWM to assist a commercial bank with the establishment of the wealth management subsidiary and the transfer/divesting of wealth management business from the parent bank.

This project is supported by lawyers from KWM Beijing, Guangzhou and Shenzhen offices. Partners Liu Linlin, Li Wenmin, and Zhang Le led the project, and partners Jiang Zhihui, Crystal Zhao, Sun Shulin, Li Chunkai, Luo Ai, Liu Jun and Chang Junfeng also assisted with one-stop professional services across multiple sectors.

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