China Merchants Bank Wins Government Nod to Buy Control of Fund Venture

(Bloomberg) -- China Merchants Bank Co., the nation's
seventh-largest, won government approval to buy 33.4 percent of
an affiliated fund management venture, allowing it to expand its
sources of income beyond lending.

Merchants Bank will become the largest shareholder in China
Merchants Fund Management Co., the Shenzhen-based company said in
a statement today. China Merchants Securities Co. and ING Groep
NV's asset management arm each own 33.3 percent of the venture.


Read more at Bloomberg Emerging Markets News