The Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC) announced their plan to establish subsidiaries largely focusing on wealth management sector.

“The business scope the subsidiaries include public offering of wealth management products to the general public as well as private placement of wealth management products to eligible investors,” the statements said.

ICBC’s wealth management subsidiary will be set-up with a capital of 16bn yuan, and ABC will have a capital of 12bn yuan, according to two separate statements from both companies.

Earlier this month, the Bank of China and the China Construction Bank also announced their move to establish wealth management subsidiaries.