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China's Industrial Bank to set up financial assets investment unit

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China's Industrial Bank to set up financial assets investment unit

Industrial Bank Co. Ltd. plans to set up a wholly owned financial assets investment unit.

The subsidiary will have a registered capital of 10 billion yuan, according to a Dec. 22 release.

The lender also said it plans to write off 100 million yuan in bad debts.

The moves are subject to shareholder approval.

As of Dec. 21, US$1 was equivalent to 6.91 Chinese yuan.