'Big five' lenders eye wealth unit potential

Large State-owned commercial banks are likely to take the lead in setting up independent subsidiaries focusing on wealth management business, analysts said.

China's banking and insurance regulator announced on Sunday it had given approval to Industrial and Commercial Bank of China Ltd, the country's largest State-owned commercial lender by assets, to establish a wealth management subsidiary.

So far the regulator has accepted similar applications from multiple commercial banks, while many others are also planning to do so.