Singapore's United Overseas Bank Limited (UOB) said on Thursday its UOB Asset Management unit had been approved to set up a joint venture fund management company in China with China Ping An Trust Co Ltd and Sanya Yingwan Tourism Co Ltd.

The joint venture, named Ping An UOB Fund Management Co Ltd, will have a paid up capital of 300 million yuan ($45 million), in which UOB Asset will hold a 25 percent stake.