Photo/Shetuwang

China Banking and Insurance Regulatory Commission said Wednesday it had given the nod to financial management branches of two big state-owned banks to commence business.

The two subsidiaries, respectively under the Industrial and Commercial Bank of China (ICBC) and the China Construction Bank (CCB), will help increase the supply of financial products to the market, offer more capital to the real economy and the financial market, and better meet varied financial demand from consumers, the commission said in a statement.

ICBC said the new subsidiary would constantly improve its services to the real economy through project investment, bond investment and capital market investment.

CCB said its subsidiary would be a staunch supporter of the development of the real economy and be a key player in the capital market.

The commission said it had also accepted applications from commercial lenders on the establishment of financial management subsidiaries.

Email: lansuying@nbd.com.cn