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Taiwan's CTBC Financial to set up venture capital unit

CTBC Financial Holding Co. Ltd.'s board approved the establishment of a new venture capital unit.

The new subsidiary, tentatively known as CTBC Securities Venture Capital Co. Ltd., will have NT$300 million in capital.

The move is subject to regulatory approval, according to a Feb. 2 statement.

As of Feb. 2, US$1 was equivalent to NT$29.35.