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Pudong bank approved for fund venture with Axa

(Bloomberg)
Updated: 2007-07-25 17:02

Shanghai Pudong Development Bank Co, part-owned by Citigroup Inc, said it won approval from China's stock market regulator to start a fund venture with French insurer Axa SA.

The Pudong bank, which will own 51 percent of the venture, received the approval from the China Securities Regulatory Commission, the Shanghai-based lender said in a statement to the city's stock exchange today.


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