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Citic, BBVA embark on private bank JV

China Citic Bank and the Spanish bank BBVA, a major shareholder of Citic, have entered into an eight-year cooperation agreement that will involve setting up a new private banking unit called IBCU, according to a Citic filing on the Shanghai Stock Exchange. IBCU will be operated within Citic. A BBVA subsidiary based in Beijing will receive 20% of IBCU’s profits,…

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