Singapore's United Overseas Bank’s UOB Asset Management unit had been approved to set up a joint venture fund management firm in China with China Ping An Trust and Sanya Yingwan Tourism, media reports said.

The joint venture, named Ping An UOB Fund Management Co, will have a paid up capital of Rmb300 million (around $45 million), in which UOB Asset will hold a 25 per cent stake. Ping An Trust, a unit of Ping An Insurance, and Sanya Yingwan will hold 64 per cent and 11 per cent of the remaining shares respectively.

UOB had not responded to this publication's queries on the reports at the time of going to press.

United Overseas Bank operates a global network of over 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America, including banking subsidiaries in Singapore, Malaysia, Indonesia, Thailand and Mainland China.