CHINA Zheshang Bank, one of the country’s major joint stock commercial banks, said its board of directors have agreed to open a wholly owned wealth management subsidiary.

Relevant matters are still pending regulatory approval, according to a statement on the lender’s website.

With a registered capital of 2 billion yuan (US$304.2 million), the subsidiary will be located in Hangzhou, Zhejiang Province.

China has seen 21 banks set up wealth management subsidiaries, 19 of which have been operational, said Zhou Gengqiang, deputy secretary-general of the China Banking Association.

As part of efforts to fight the COVID-19 epidemic, banks and their subsidiaries have launched special wealth management products to help companies resume work and production, he said.

Up to now, the balance of the wealth management products reached around 3.6 trillion yuan (US$547.5 billion). (Xinhua)