BEIJING, June 1 (Xinhua) -- China's Bank of Communications, a major domestic commercial bank, announced on Friday that it will invest no more than 8 billion yuan to set up a subsidiary in charge of the asset management business in Shanghai.
According to its filing to the Hong Kong stock exchange, registered capital of the subsidiary shall be no more than 8 billion yuan and the bank will hold a 100-percent stake in it.
The subsidiary’s scope of operations is to be commissioned by the investors to make investment and manage their assets. The scope of final operations will be subject to the approval of the regulators, said the bank. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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