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BNP Paribas in talks with Chinese bank on wealth management venture, sources say

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SHANGHAI (Reuters) – BNP Paribas is in talks with Agricultural Bank of China (AgBank) to form a wealth management venture, sources said, as the French financial services group seeks a bigger share of China’s $19 trillion asset management market.

© Reuters/BENOIT TESSIER FILE PHOTO: The BNP Paribas logo is seen at a branch in Paris

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.

BNP Paribas declined to comment. AgBank, China’s third biggest lender by assets, didn’t return an emailed request for comment.

(Reporting by Samuel Shen, Cheng Leng and Andrew Galbraith; Editing by Edmund Blair)

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