(Yicai Global) Oct. 20 -- Agricultural Bank of China, one of the country’s five largest commercial lenders, has secured regulatory approval to form China’s fifth wealth management joint venture majority owned by an overseas partner.

The China Securities Regulatory Commission gave the go-ahead to ABC Wealth Management and BNP Paribas Asset Management Holding to set up the JV, Beijing-based Agricultural Bank announced yesterday. The unit of French banking group BNP Paribas will own 51 percent.

The other four Chinese state-owned banks -- Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Bank of Communications -- have each set up foreign majority-owned wealth management JVs.

Goldman Sachs ICBC Wealth Management, Amundi BOC Wealth Management, BlackRock CCB Wealth Management, and BoCom Schroders Wealth Management have already started business.

ABC Wealth Management aims to become a leading asset manager, providing clients with the best services, Agricultural Bank said, adding that it will strive to finish preparations for the JV as soon as possible.

The new venture will bring the advantages of the two partners into full play to meet the diverse investment and wealth management needs of clients, the bank noted.

Editor: Futura Costaglione