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Industrial Bank receives approval for wealth management unit

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Industrial Bank receives approval for wealth management unit

Industrial Bank Co. Ltd. obtained approval from the China Banking and Insurance Regulatory Commission to set up a wealth management unit with a registered capital of 5 billion yuan.

The unit will offer wealth management products and provide financial advisory services, among other services, the bank said Dec. 14.

As of Dec. 13, US$1 was equivalent to 6.98 Chinese yuan.