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Bank of Communications gets approval to raise unit's registered capital

Bank of Communications Co. Ltd. obtained regulatory approval to raise the registered capital of its unit Bank of Communications Financial Leasing Co. Ltd., or BOCOM Leasing, to 14 billion yuan from 8.5 billion yuan.

The Chinese bank said it obtained approval from the Shanghai Banking and Insurance Regulatory Bureau for the plan. Following the capital increase, BOCOM Leasing will remain a wholly owned subsidiary of the bank.

As of Jan. 2, US$1 was equivalent to 6.96 Chinese yuan.