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.