March 23, 2018 / 12:48 PM / 4 months ago

BRIEF-China Merchants Bank's 2017 Net Profit Up 13 Pct, Plans Asset Management Firm, Elects Vice Chairman

March 23 (Reuters) - China Merchants Bank Co Ltd :

* SAYS 2017 NET PROFIT UP (REMOVES UP/DOWN) 13 PERCENT Y/Y

* SAYS IT PLANS TO UP TO 20 BILLION YUAN ($3.17 billion) TIER-2 CAPITAL INSTRUMENTS

* SAYS IT PLANS TO SET UP DIRECT BANKING OPERATIONS WITH PARTNERS REGISTERED CAPITAL OF 2 BILLION YUAN

* SAYS IT PLANS TO SET UP ASSET MANAGEMENT UNIT WITH REGISTERED CAPITAL OF 5.0 BILLION YUAN

* SAYS ITS FINANCIAL LEASING UNIT PLANS TO BOOST CAPITAL OF ITS UNIT BY 4.5 BILLION YUAN

* SAYS TO ELECT FU GANGFENG AS VICE CHAIRMAN Source text in Chinese: bit.ly/2ucOlpX; bit.ly/2GjCzis; bit.ly/2GlBS8t Further company coverage: ($1 = 6.3150 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)

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