Three banks to launch fund ops

Following its approval to allow banks to form fund management companies in February, the People's Bank of China has selected the Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and the Bank of Communications (BOC) as the first state banks to launch fund operations. China Securities Journal said the new ventures would see ICBC partner with Credit Suisse First Boston and China Ocean Shipping (Group) Co; BOC with Schroder Investment Management and China International Marine Containers; CCB has yet to announce partners.