Intesa Sanpaolo first foreign Wealth Manager in China through own subsidiary
YI TSAI (Italian talent), a wholly-owned subsidiary of Intesa Sanpaolo, granted Fund Distribution License and becomes fully operational as pilot phase ends. CEO Carlo Messina: "An important step in our international development". Significant expansion in China planned thanks to innovative product offering.
Intesa Sanpaolo becomes the first foreign bank to offer Wealth Management services in China through a wholly-owned subsidiary. The Fund Distribution License granted by Chinese authorities to YI TSAI (Italian Talent), part of the Intesa Sanpaolo’s International Subsidiary Banks Division, concludes the pilot phase carried out in the city of Qingdao, China’s designated Pilot Zone for Wealth Management initiatives. Established in 2016, YI TSAI is now fully operational in the Chinese market. Last March, in the presence of Chinese President Xi Jinping and Italian Prime Minister Giuseppe Conte, Intesa Sanpaolo signed an important Memorandum of Understanding with the Qingdao Municipality for the development of the Qingdao Pilot Zone. The company’s inauguration at a ribbon cutting ceremony that hosted senior local authorities and Antonello Piancastelli, Chairman of YI TSAI, marks the first concrete step of this significant collaboration.
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 recognized 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.
Carlo Messina, CEO of Intesa Sanpaolo
YI TSAI is a wholly-owned subsidiary of Intesa Sanpaolo and is the centerpiece of the Group’s strategy to offer financial products to high-end clients in the People's Republic of China. There are currently some 30 people active in the company's headquarters, nearly all Chinese nationals, and the number will soon double. The company aims to build a network of about 100 financial advisors in 2020. The objective is to collect and manage savings of €50 billion in the medium term. In China there is a strong propensity to save, the economy is continuously expanding and there is a significant concentration of wealthy clients, while financial institutions specialized in supporting private investments are lacking.
YI TSAI, under the terms of the Fund Distribution License, 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.
Intesa Sanpaolo was recognized for this achievement by the Italy-China Foundation at its annual China Awards 2019 event. During the 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, accepted the award.
Last updated 29 December 2019 at 21:57:31