Cathay Financial will partner with China Development Bank (CDB) to create an asset management joint venture, The Wall Street Journal reports. The proposed fund manager will have an initial capital of $30.9 million.
The Taiwanese financial group will take a 33.3% stake in the joint venture, while CDB will hold the remaining share. The venture still needs approval from financial regulators on both sides.
Click here for the story from The Wall Street Journal.
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