Italian banking group Intesa Sanpaolo has recently invested 100 million yuan ($14.78 million) in its wholly owned subsidiary Qingdao Yi Tsai Fund Distribution Co, which is based in Shinan district, Qingdao.

Yi Tsai was established in 2016 and was among the first foreign-funded fund distribution institutions to be approved in China in December 2019. 

It is the third time that Yi Tsai has received additional investment from Intesa Sanpaolo, which added its total registered capital to 591 million yuan.

The move is part of Yi Tsai's needs in business expansion, personnel recruitment and product network construction, and is aimed at accelerating the company's growth rate in the fortune management sector.

According to industrial insiders, Qingdao has been an essential part of Intesa Sanpaolo's plan of developing further in China.

The Italian bank started to invest in the Bank of Qingdao in 2007 and is now the second largest shareholder of the bank.

The two sides maintain a cooperative relationship, which has helped Intesa Sanpaolo expand its presence in the Chinese market.

Qingdao is currently home to 36 foreign-funded financial institutions, including 17 foreign banks, 18 foreign insurance companies, and a fund distribution company. The number of foreign banks ranked the city sixth in China.

On July 22, China's monetary authorities announced the second batch of pilot areas for the cash-pooling service of integrating domestic and foreign currency accounts for multinational companies, and Qingdao was included on the list.

In addition, Qingdao-based Chinese home appliance giant Hisense Group and tire manufacturer Sailun Group were approved as the policy's pilot companies.