China Minsheng Banking Corporation, the nation’s seventh largest bank by market value, has received state regulatory approval to set up a fund management company with Royal Bank of Canada and Three Gorges Financial Company, China Daily reported. In October 2006, Minsheng said it would take 60 percent of the venture, while Royal Bank of Canada would control 30 percent. Three Gorges would hold the remaining 10 percent. http://www.chinadaily.com.cn/