Taiwan-based China Development Financial Holding Corp. said unit KGI Bank Co. Ltd. will launch a consumer finance company with China-based Bank of Jiangsu Co. Ltd., Reuters reported, citing a Chinese-language statement.

The new company has a registered capital of 600 million yuan and is registered in Kunshan, Jiangsu province, China.

KGI Bank will invest 200.4 million yuan and hold 33.4% of the company.

As of Dec. 22, US$1 was equivalent to 6.95 Chinese yuan.