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Bank of Hangzhou to set up asset management unit

Bank of Hangzhou Co. Ltd. plans to set up an asset management unit with at least 1 billion Chinese yuan in capital.

The move is pending regulatory approval, according to Aug. 30 filings.

Further, the Chinese bank's board approved a measure to issue up to 10 billion yuan of Tier 2 capital bonds with a maturity period of 10 years and below.

Proceeds raised will go toward replenishing the bank's Tier 2 capital.

As of Aug. 30, US$1 was equivalent to 6.84 Chinese yuan.