JV

Singapore's UOB unit forms fund JV in China

(Agencies)
Updated: 2010-12-30 14:54

SINGAPORE - Singapore's United Overseas Bank Limited (UOB) said its asset management unit had been approved to set up a joint venture fund management firm with China Ping An Trust Co Ltd and Sanya Yingwan Tourism Co Ltd, Reuters reported Thursday. 

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The joint venture, named Ping An UOB Fund Management Co Ltd, will have a paid up capital of 300 million yuan ($45 million), in which UOB Asset will hold a 25 percent stake, it reported. 

According to the report, Ping An Trust, a unit of Ping An Insurance (Group), and Sanya Yingwan will hold 64 percent and 11 percent of the remaining shares respectively.