Written by Selena Lee
Hong Kong (Reuters) – ABRDN said in advanced talks with Citic Bank to launch a joint asset management project in China, as two people are aware of this issue, as the British company is looking to enhance its presence in the second largest economy in the world.
Discussions follow the warming in British-Seno relations and the contradiction with the decisions taken by many Western financial institutions in recent years, either to reduce China's functions or attach their expansion plans on concerns about the health of the Chinese economy and tensions between Beijing and Washington.
Abrdn, the second largest independent asset manager in the United Kingdom, expects that the majority share in the project with the rest is owned by the Citic Bank in Citic Bank, that people who refused to identify the conversations are secret.
Citic Wealth is the third largest unit for the bank's wealth management in China with 2 trillion yuan ($ 275 billion) in assets from the end of the year.
ABRDN refused to comment. Citic Bank, the main banking arm of the CITIC Group, did not respond to China's CIA, to request Reuters to comment.
The sources said that ABRDN and Citic Bank have grabbed talks over the past two years on the construction of a project on the mainland of China or ABRDN with a stake in Citic Wealth.
They added that the discussions gained a new impetus after reviving high -level economic and financial talks between China and the United Kingdom last month after its freezing for about six years.
($ 1 = 7.2724 Chinese)
(I participated in the reports of Selena Lee; edited by Sumit Chattji and Adena Gibbs)
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