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
Last updated 29 December 2019 at 21:57:32