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China's Bank of Qingdao to set up wealth management unit

Bank of Qingdao Co. Ltd. plans to establish a wealth management subsidiary with a capital of 1 billion yuan.

The new subsidiary will be called Qingyin Wealth Management Co. Ltd. The establishment of the unit would allow the Chinese bank to segregate risks of its wealth management business in accordance with regulatory requirements, it said in a Dec. 7 release.

The plan is subject to regulatory approvals.

As of Dec. 7, US$1 was equivalent to 6.87 Chinese yuan.