Photo: Xinhua

 China CITIC Bank, a major commercial lender, has gained approval from China Banking and Insurance Regulatory Commission (CBIRC) to set up a wealth management company.

The wealth management unit will be established with a registered capital of no more than 5 billion yuan (about 711.2 million US dollars), the company said in a statement.

In December last year, the CBIRC released guidelines for commercial banks to conduct wealth management businesses to offer more financial products to meet the demands of the real economy.

Commercial banks could either set up separate units to conduct wealth management businesses or include such operations within the framework of other business units, according to the guidelines.