FILE PHOTO - Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo

BEIJING (Reuters) - Industrial and Commercial Bank of China (ICBC), the country’s biggest-listed lender by assets, has won approval to set up a wealth management unit, China’s banking and insurance regulator said on Sunday.

China’s five major commercial banks that have won a green light to set up wealth management units are preparing to launch operations, the China Banking and Insurance regulatory Commission said in a statement on its website,

More banks have submitted applications for establishing such subsidiaries, the regulator said but did not give further details.

In December, China issued rules for commercial banks’ wealth management subsidiaries to strengthen their risk management and support the real economy.