1st foreign majority-owned wealth management firm established

China's banking and insurance regulator said on Friday that it has approved the establishment of the first foreign majority-owned wealth management firm in China.

French asset manager Amundi Asset Management will own a controlling 55 percent stake in the wealth management joint venture while Bank of China Wealth Management will own a 45 percent stake, according to the regulator.

The establishment of the wealth management JV is in line with China's policy to further open its financial industry to foreign players, an official at the China Banking and Insurance Regulatory Commission said at a press briefing in Beijing.

The goal is to pool foreign financial institutions' international and professional expertise with Chinese firms' onshore business and client resources to provide investors with diversified wealth management products and services, the official said.