Intesa Sanpaolo receives Fund Distribution License from Local Authorities and becomes the first foreign bank to offer wealth management services in China
Image: Intesa Sanpaolo to offer wealth management services in China. Photo: Courtesy of PublicDomainPictures from Pixabay.
Intesa Sanpaolo receives Fund Distribution License from Local Authorities and becomes the first foreign bank to offer wealth management services in China through its own fully-owned subsidiary, YI TSAI (“Italian Talent”), part of the Group’s International Subsidiary Banks Division.
YI TSAI, established in 2016, can now commence full operations having completed a pilot project in the city of Qingdao, China’s designated wealth management Pilot Zone. In March, Intesa Sanpaolo signed an important Memorandum of Understanding with the Municipality of Qingdao for the development of the Pilot Zone, in the presence of President Xi Jinping and Italian Prime Minister Giuseppe Conte on the occasion of the Chinese President’s state visit to Italy. The commercial launch of YI TSAI marks the first official implementation of this partnership. An official ribbon cutting ceremony is scheduled to take place in Qingdao on the morning of 12 December that will be attended by senior Local Authorities and Antonello Piancastelli, Chairman of YI TSAI, representing the Intesa Sanpaolo Group.
YI TSAI is a wholly-owned subsidiary of Intesa Sanpaolo and is the centrepiece of the Group’s strategy to offer financial products to high-end clients in the People’s Republic of China, with a gradual expansion to other provinces. YI TSAI, under the terms of the licence, will distribute Public Funds and Privately Distributed Funds, which have been carefully selected from the product range of Penghua (an affiliate of Intesa Sanpaolo’s Eurizon Capital) and from the best asset management companies in China. Distribution will be carried out by YI TSAI’s network of Financial Advisors, structured and managed based on the Intesa Sanpaolo Group’s best practices.
Intesa Sanpaolo was recognized for this achievement by the Italy-China Foundation at its annual China Awards 2019 event. During a ceremony held on 10 December, Intesa Sanpaolo received the Silk Road Award, “a recognition given to Italian companies that have stood out for their outstanding long-term growth and development over the years in the Chinese market”. Paola Angeletti, Head of the International Subsidiary Banks Division, who received the award, highlighted the importance placed on the development of the wealth management business in China in the Group’s 2018-2021 business plan.
Carlo Messina, CEO of Intesa Sanpaolo, commented: “We are proud to be the first foreign bank to develop wealth management activities in China thanks to our having been awarded a Fund Distribution License. Following the full launch in the Qingdao Pilot Zone, we will focus on expanding into other provinces of the People’s Republic of China with dedicated branches and on developing an attractive product mix for the Chinese market with the support of best-in-class partners. Our objective is to offer high-end clients a full range of advisory services geared towards long-term wealth management and financial planning, drawing on our expertise and reputation which are recognised by the leading international financial institutions. With YI TSAI, we have taken an important step forward in developing Intesa Sanpaolo’s wealth management business on an international scale”.
Source: Company Press Release