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China CITIC Bank to set up wealth management unit

China CITIC Bank Corp. Ltd. is the latest Chinese lender that unveils a plan to set up a wealth management unit amid tightening regulations.

The unit will have a registered capital of up to 5 billion yuan, the lender said in a Dec. 14 release.

The move is subject to regulatory approval and aims to isolate risks linked to wealth management operations, it added.

The planned wholly owned unit is set to issue wealth management products and provide financial consulting services, among other things.

In July, China CITIC Bank's parent group CITIC Group Corp., along with other institutions, was found to have failed to comply with the country's rules on lending and shadow banking in 2016. The lender said then that it would strengthen risk controls to improve compliance capabilities.