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BNP Paribas in talks with Chinese bank on wealth management venture, sources say

SHANGHAI, Sept 2 (Reuters) - BNP Paribas is in talks with Agricultural Bank of China (AgBank) to form a wealth management venture, sources said, as the French financial services group seeks a bigger share of China’s $19 trillion asset management market.

BNP Paribas’ investment management arm will hold a majority stake in the planned venture with AgBank’s wealth management subsidiary, two sources with direct knowledge of the talks said, without giving financial details.

BNP Paribas declined to comment. AgBank , China’s third biggest lender by assets, didn’t return an emailed request for comment. (Reporting by Samuel Shen, Cheng Leng and Andrew Galbraith; Editing by Edmund Blair)

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