BEIJING, Sept. 24 -- The wealth management subsidiary of China Everbright Bank (CEB) has received the approval to open, the bank said on its official website.

The wealth management subsidiary of the CEB is established with a registered capital of 5 billion yuan (about 706.9 million U.S. dollars), said the bank.

This makes CEB among the first joint-stock banks allowed to set up and open a wealth management subsidiary following the approval of major state-owned lenders, including the Bank of China and China Construction Bank.

The establishment of wealth management units will promote inclusive finance, advance supply-side structural reform, better serve investors and bring more funds to the real economy, the CEB said.

In December last year, the China Banking and Insurance Regulatory Commission released guidelines for commercial banks to conduct wealth management business.

Commercial banks can either set up separate units to conduct wealth management business or include such operations within the framework of other business units, according to the guidelines.