Announced
Financials
Tags
China
Acquisition
asset and wealth management
Financial Data and Systems
Single Bidder
Cross Border
Joint Venture
Majority
Private
Pending
Friendly
Synopsis
BNP Paribas, an universal bank and financial services company, and Agricultural Bank of China, a bank, agreed to form a joint venture BNP Paribas ABC Wealth. Financial terms were not disclosed. "This is the coming together of two powerful financial groups whose complementary strengths create a dynamic joint venture. BNP Paribas Asset Management is a leading global asset manager and today’s announcement cements our commitment to a key growth market in Asia. We look forward to supporting investors and savers in China with innovative solutions that complement traditional wealth management services. Chinese asset management offers a significant opportunity and we are excited about the journey ahead,” Sandro Pierri, BNP Paribas CEO.
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