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China Life-linked Guangfa Bank embarks on new asset management strategy

China Guangfa Bank, the Guangzhou-headquartered affiliate of national insurer China Life, has embarked on a new strategy for its asset management business, under which it will set up an independent asset management subsidiary with RMB 5 billion of capital. The business plan for the new company was recently approved by the bank’s board of directors and shareholders, according to Chen…

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