China

BNP Paribas in talks with Agricultural Bank of China on wealth management venture, sources say

Nasdaq has reported that sources said that BNP Paribas is in talks with Agricultural Bank of China (AgBank) to form a wealth management venture as the French financial services group seeks a bigger share of China's USD19 trillion asset management market.

BNP Paribas' investment management arm will hold a majority stake in the planned venture with AgBank's wealth management subsidiary, two sources with direct knowledge of the talks said, without giving financial details.