Zhejiang Bank Financial Management officially opened for business and clarified its intention to cooperate on a commission basis with 8 commission cooperation agencies

Blue Whale News, February 19 (Reporter Jin Lei)On February 18, Zheyin Financial Management Co., Ltd.(hereinafter referred to as Zheyin Financial Management) officially announced its opening in Hangzhou, and clarified its product consignment cooperation intentions with 8 consignment cooperation agencies, including joint-stock banks, city commercial banks and Internet banks.

So far, Zhejiang Bank Financial Management has become the 32nd financial management company officially opened in the country and the 12th financial management company established by a joint-stock bank.

At the opening ceremony, Lu Jianqiang, Chairman of the Financial Services Committee of the Zhejiang Commercial Association, Secretary of the Party Committee and Chairman of Zhejiang Commercial Bank, pointed out that the opening of Zhejiang Bank Financial Management has made a significant contribution to the construction of the financial assistance common prosperity demonstration zone. Zhejiang Bank Financial Management will actively practice good-based finance, adhere to finance for the people, explore the establishment of an assessment and evaluation mechanism that is tied to the interests of investors, and invest part of management fees for charitable purposes to increase the property income of urban and rural residents through multiple channels.

Wu Guoyuan, Secretary of the Party Committee and Chairman of Zhejiang Bank Financial Management, said that wealth management companies were born out of the banking system and have comparative advantages in terms of customer access and service coverage. It can not only serve the maintenance and appreciation of residents ‘wealth, but also play a role in optimizing the allocation of financial resources, helping to narrow the gap in service resources between different groups, regions, and generations, and guiding social values for good.

Regarding the development ideas after opening, Zhejiang Bank Financial Management said that in the first year of its establishment, it will not deliberately pursue rapid growth in scale and will focus more energy on consolidating the foundation. In the future, Zhejiang Bank Financial Management will focus on products with low threshold, low risk and low premium rates.

According to Zheshang Bank’s 2024 semi-annual report data, as of the end of June 2024, the balance of Zheshang Bank’s wealth management products was 147.248 billion yuan, and net-worth wealth management products accounted for 100% of the wealth management, of which the proportion of funds from individual and institutional customers was 92.36%, 7.64%, respectively.

At present, the most scarce talents for bank financial managers are investment research and scientific and technological talents, which are also one of the core competencies of financial management companies. According to reports, the current number of Zhejiang Bank Financial Management employees during the opening stage is about 120, including about 20 scientific and technological talents. The construction of Zhejiang Bank Financial Management investment research team includes investment research team, fixed income investment team, project investment team, equity investment team, multi-strategy investment team, centralized trading team, etc.

The reporter learned that Zhejiang Bank Financial Management has launched six major product systems in the Cong series: Cong Shan Cong Jian Cong Rong Cong Xin Cong Long Cong Le, covering live money, fixed income, fixed income enhancement, mixed, equity, commodities and financial derivatives and other types of products, providing customers with multi-level and all-round wealth management services.