Minsheng and RBC formed US$28 million joint venture

Shanghai-listed China Minsheng Banking has formed a funds management company joint venture with Canada's largest bank, the Royal Bank of Canada (RBC) and Three Gorges Financial. The deal was approved by China Banking Regulatory Commission with Minsheng holding 60% and RBC 30%, while Three Gorges holds the remaining 10%.

The joint venture is China's sixth bank-initiated fund management company after ICBC Credit Suisse AMC, CCB Principal AMC, Bank of Communications Schroder FMC, AXA SPDB Investment Managers and Agricultural Bank of China venture.