SHANGHAI (Reuters) – BNP Paribas is in talks with Agricultural Bank of China (AgBank) to form a wealth management venture, sources said, as the French financial services group seeks a bigger share of China’s $19 trillion asset management market.
BNP Paribas’ investment management arm will hold a majority stake in the planned venture with AgBank’s wealth management subsidiary, two sources with direct knowledge of the talks said, without giving financial details.
BNP Paribas declined to comment. AgBank, China’s third biggest lender by assets, didn’t return an emailed request for comment.
(Reporting by Samuel Shen, Cheng Leng and Andrew Galbraith; Editing by Edmund Blair)
