China Shipping setting up Shanghai finance subsidiary

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Shanghai: China Shipping Container Lines Co, the nation's second-biggest box carrier, said it plans to set up a venture in Shanghai with its parent and three other group companies to provide financial services for their units.
The company will provide 25 per cent of the venture's US$44 million registered capital, China Shipping said in a statement yesterday.
The JV, namely CS Finance Co, is designed to provide financial services for their units. However, the plan is still subject to regulatory approval from the China Banking Regulatory Commission (CBRC).   [17/02/09]