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Minsheng board passes motion to set up AM subsidiary

China Minsheng Bank’s 14 board members have given their blessings for the bank to set up a wholly owned asset management subsidiary with RMB 5 billion of capital, according to the bank’s latest board meeting minutes published after market close on Friday. The new subsidiary will take over the bank’s wealth management product (WMP) business, last sized at RMB 1.15…

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