Shanghai Pudong Devt Bank confirms approval of fund management JV |
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Published
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Tue, 23 Jan 2007 00:18
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BEIJING (XFN-ASIA) - Shanghai Pudong Development Bank Co Ltd (SHA 600000) confirmed that it has received approval from the banking regulator to establish a joint venture fund management company with France's AXA Investment Managers (AXA IM) and Shanghai Dragon Investment Co Ltd.Earlier, bank vice-director Ma Li told XFN-Asia that Shanghai Pudong won approval from the banking regulator to set up a fund management joint venture. He did not identify the partners involved.In a statement filed with the Shanghai Stock Exchange, Shanghai Pudong, in which Citigroup currently holds a 3.78 pct stake, said it will control 51 pct of the joint venture.The joint venture still requires approval from the securities regulator, Shanghai Pudong said.No further details were provided.zachary.wei@xfn.com
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