Global Law Office assists AgBank and BNP Paribas set up joint venture

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A wealth arm of the Agricultural Bank of China (AgBank) has secured approval to establish an asset management joint venture with BNP Paribas holding a 49% stake.

Global Law Office’s leading partner Liu Jinrong, Xu Minghao, Kang Qiuning and Ren Qing advised AgBank’s subsidiary ABC Wealth Management.

The French company’s 51% stake indicates it will become the fifth international bank majority-owned Chinese wealth management joint venture, following Amundi Hong Kong, BlackRock, Schroders, and Goldman Sachs.

China relaxed financial regulations in 2019, allowing foreign-fund companies to build wealth management joint ventures as controlling shareholders with local banks.