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Ping An Bank to set up asset management unit

Ping An Bank Co. Ltd. plans to set up a wholly owned asset management subsidiary with a registered capital of up to 5 billion yuan, based on regulatory and operational needs.

The establishment of the unit aims to improve the organizational structure of the lender's asset management business to prevent and resolve financial risks.

The plan is subject to regulatory approval.

As of June 6, US$1 was equivalent to 6.39 Chinese yuan.