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CMB sets up asset management subsidiary to ring-fence WMP risks

China Merchants Bank, the Chinese banking industry’s second-largest issuer of wealth management products (WMP) by product balance, is setting up an asset management subsidiary which will take over all risks and responsibilities for the bank’s RMB 2.17 trillion worth of outstanding WMPs. A quarter of CMB’s WMPs are due to be outlawed under a regulatory ban on guaranteed products next year….

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