China’s banking and insurance regulator has approved the bid by Industrial and Commercial Bank of China (ICBC). More banks have also submitted their applications for establishing such subsidiaries.

China’s biggest-listed lender by assets, the Industrial and Commercial Bank of China (ICBC) has received approval for setting up a wealth management unit, said Beijing’s banking and insurance regulator in a statement on its website.

In total, ICBC has given the green light to five major commercial banks to launch their operations while more banks have submitted applications for establishing such subsidiaries, said the regulator without giving any further details.

The development comes in the wake of China issuing rules for commercial banks’ wealth management subsidiaries in December to strengthen their risk management.

China’s micro and macro debt has gained nearly unsustainable proportions.

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