Industrial and commercial bank of china has stepped up its scrutiny of third-party trust investments, in a sign that Chinese banks are becoming more prudent in selling wealth management products after recent defaults in the sector. Since China Credit Trust's Rmb3bn (US$484m) Credit Equals Gold #1 failed to repay investors as planned in January, ICBC has required private bankers to gain approval from a credit committee within the commercial bank before offering trust products to clients, according to a source at ICBC.
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