BEIJING, July 5 (Xinhuanet) -- The first fund management company partly funded by a Chinese commercial bank was inaugurated here Tuesday -- a move that analysts say would diversify the bank's business scope and help promote the development of China's capital market.

    The ICBC Credit Suisse Asset Management Co., Ltd. was jointly initiated by the Industrial and Commercial Bank of China (ICBC), the country's biggest bank by assets, Credit Suisse First Boston (CSFB) and China Ocean Shipping (Group) Company (COSCO), one of China's leading shipping and logistics companies.

    The ICBC holds the lion's share -- 55 percent -- of the joint venture, which has 200 billion yuan (24.2 billion US dollars) in registered capital.

    An ICBC spokesman said the new fund manager would sell its first fund product to investors as early as this month and its future products would be "diversified" -- to be invested in securities, monetary and bond markets. Enditem