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Bank of Nanjing to set up asset management unit

Bank of Nanjing Co. Ltd. plans to set up a wholly owned asset management subsidiary with a registered capital of at least 2 billion yuan.

The bank said June 7 that the move is aimed at strengthening the management and isolation of risks in its asset management operations.

The plan is subject to regulatory approval.

As of June 7, US$1 was equivalent to 6.39 Chinese yuan.