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Financials

China regulator approves opening of fifth nationwide bad loan bank

BEIJING, Dec 17 (Reuters) - China’s banking and insurance regulator said on Thursday it has approved the opening of China Galaxy Asset Management Co., Ltd, the fifth asset management company that mainly deals with bad loans and toxic assets nationwide.

The newly set-up company is 65% held by China Galaxy Financial Holdings, and 13.3% held by Central Huijin Investment Co, an investment arm of China’s sovereign fund China Investment Corp, the regulator said a statement on its website.

Reporting by Cheng Leng and Ryan Woo; Editing by Alison Williams

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