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Report: KB Financial to set up asset management unit in China

South Korea-based KB Financial Group Inc. is set to launch an asset management unit in Shanghai in the week of Sept. 10 through KB Asset Management Co. Ltd., The Korea Times reported Sept. 3, citing an industry source.

The move is part of the group's efforts to strengthen its foothold overseas in a fast-growing wealth management market.

A KB Financial official declined to comment on the setup of the new entity, but said Chairman and CEO Yoon Jong-kyoo will likely visit China soon, the report noted.