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Ping An Bank receives regulatory approval to set up wealth management unit

Ping An Bank Co. Ltd. received approval from the China Banking and Insurance Regulatory Commission to set up a wealth management unit.

The lender needs to obtain further approval from the commission before the unit begins operations.

It said earlier that the unit will have registered capital of up to 5 billion yuan.

As of Jan. 1, US$1 was equivalent to 6.96 Chinese yuan.