China CITIC Bank to establish CNY 10bn asset investment firm

China CITIC Bank Corp (SSE:601998) announced its plans to establish a wholly-owned subsidiary, tentatively named CITIC Financial Asset Investment Co., Ltd., with a registered capital of CNY 10 billion. The initiative, approved by the board on May 8, 2025, aims to enhance the bank's support for technology innovation and the private sector, aligning with national policy objectives. The new entity will engage in market-oriented debt-to-equity swaps, pilot programs, and other related support services, managed by a team of selected executives. In related news, the bank appointed Jin Xinian as Vice President. Jin Xinian's nomination has been approved by the board and he will assume his role after regulatory approval.