BNP Paribas in wealth management JV talks with China’s AgBank -sources

The BNP Paribas logo is seen at a branch in Paris, France, February 4, 2020. REUTERS/Benoit Tessier

SHANGHAI, Sept 2 (Reuters) – BNP Paribas’ (BNPP.PA) asset management arm is in talks to form a wealth management venture with a unit of Agricultural Bank of China (AgBank), sources said, as the French firm pursues a bigger slice of China’s $19 trillion market.

China further deregulated its financial markets in 2019, allowing foreign asset managers to form majority-owned wealth management ventures with local banks. Foreign expertise can help Chinese lenders grow their investment capabilities as they phase out risky shadow banking businesses.

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