An official ribbon-cutting ceremony is held on Dec 12 in Qingdao to celebrate Yi Tsai having obtained a fund distribution license. [Photo/cnr.cn]

Yi Tsai, a fully-owned subsidiary of Italy's largest banking group Intesa Sanpaolo, which is based in Shinan district, Qingdao, recently received a fund distribution license from local authorities and became the first foreign bank subsidiary to offer wealth management services in China.

Established in 2016, Yi Tsai provides its clients with a full range of financial consultancy services and value-added non-financial services.

The company now can begin operating at full capacity after a pilot project in Qingdao, China's designated wealth management pilot zone – meaning the city is authorized to introduce innovative policies to attract local and international wealth management companies.

Antonello Piancastelli, chairman of Yi Tsai, said that with the gradual opening of market access and investment channels, foreign financial institutions are taking up a more active role in China.

Antonello added that the company is increasing investment in capital and talents, and taking concrete actions to express its long-term confidence in China's capital market.

Giamberto Giraldo, general manager of Yi Tsai, noted that the company uses the advanced management model of Intesa Sanpaolo and will devote itself to the planning of customized product portfolios for Chinese customers.