By Carlo Martuscelli

Intesa Sanpaolo S.p.A. (ISP.MI) said Wednesday that it had received approval to provide wealth management services in China through its wholly-owned subsidiary, Yi Tsai.

The Italian lender said it was the first bank to be given permission to operate a wealth management arm fully under its control in the Asian country.

Intesa said that Yi Tsai will operate in the city of Qingdao, which has been designated a zone to pilot wealth management projects in China.

Write to Carlo Martuscelli at carlo.martuscelli@wsj.com; @carlomartu

(END) Dow Jones Newswires

December 11, 2019 05:13 ET (10:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Intesa Sanpaolo (PK) (USOTC:ISNPY)
Historical Stock Chart
From Aug 2024 to Sep 2024 Click Here for more Intesa Sanpaolo (PK) Charts.
Intesa Sanpaolo (PK) (USOTC:ISNPY)
Historical Stock Chart
From Sep 2023 to Sep 2024 Click Here for more Intesa Sanpaolo (PK) Charts.