A consortium led by Sichuan Rural Commercial Bank, together with Bank of Sichuan, Chengdu Bank and Chengdu Rural Commercial Bank, has moved into a substantive preparatory phase to set up a joint wealth-management company. A special working group has been established and each bank has seconded key staff to the project, with preparatory work underway. The banks say their current proprietary wealth-management operations are focused on maintaining scale, though some institutions continue to show shr

A consortium led by Sichuan Rural Commercial Bank, together with Bank of Sichuan, Chengdu Bank and Chengdu Rural Commercial Bank, has moved into a substantive preparatory phase to set up a joint wealth-management company. A special working group has been established and each bank has seconded key staff to the project, with preparatory work underway. The banks say their current proprietary wealth-management operations are focused on maintaining scale, though some institutions continue to show shrinking assets. Since the December 2023 approval of Zhejiang Bank Wealth, no new bank wealth-management company licences have been issued; if approved, the Sichuan joint vehicle would end the licence drought and would be the first wealth-management company set up jointly by multiple banks. It would also be the second western-region bank wealth manager to open after Chongqing Rural Commercial Bank Wealth, filling a regional gap.