Minsheng Bank's JV fund starts operation

Minsheng Royal Fund Management Co Ltd, a joint venture formed by China Minsheng Banking Corp<600016>, Royal Bank of Canada and the financing unit under China Three Gorges Project Corporation, has started operation on Nov. 18, according to sources.

The Shenzhen-based new venture, with registered capital of RMB 200 million, is the 61st fund management enterprise in China and 17th in Shenzhen.

According to its statement, Minsheng Bank holds 60% stake in the venture, Royal Bank of Canada takes 30% stake and the Three Gorges' financing arm owns the remaining 10%.

The move is expected to help facilitate Minsheng Bank's transformation into a diversified and global financial group.