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Bank of Beijing to set up fund JV with Scotiabank

Reuters - Wednesday, August 27

BEIJING, Aug 27 - Bank of Beijing <601169.SS> said it is planning to set up a fund management joint venture with Canada's Scotiabank <BNS.TO>.

The Canadian bank will take a 33 percent stake in the Beijing-based joint venture, which will have registered capital of 300 million yuan , according to a statement on the website of the Shanghai Stock Exchange.

Bank of Beijing, a city commercial bank in which ING <ING.AS> holds a stake of about 16 percent, is seeking, like other Chinese lenders, to diversify its income stream by branching into the insurance and securities business.

Regulators first authorised Sino-foreign fund joint ventures in 2002. They now account for half of China's 60 fund management firms.

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