Goldman partners ICBC

Bigger network: Workers installing a sign above the entrance to a branch of the ICBC in Beijing. A new partnership with ICBC, which has more than 16,600 outlets, will boost Goldman’s distribution network and access to wealthy customers. — AFP

BEIJING: Goldman Sachs Group Inc received approval from Chinese regulators to set up a wealth management joint venture in the world’s second-largest economy to go after an asset pool it estimated will surpass US$70 trillion (RM289.97 trillion) by the end of this decade.

Goldman Sachs Asset Management will hold 51% in the venture, while the wealth arm of Industrial & Commercial Bank of China Ltd (ICBC), the world’s largest bank by assets, will own the remainder, the firms said.