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(China Daily)
Updated: 2007-07-26 08:47

Shanghai Pudong Development Bank Co, partly owned by Citigroup Inc, said it won approval from China's stock market regulator to start a fund venture with French insurer Axa SA.

Pudong Bank, which will own 51 percent of the venture, received the approval from the China Securities Regulatory Commission, the Shanghai-based lender said in a statement to the Shanghai Stock Exchange yesterday.