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Partnership between insurer and bank

CHINA Pacific Insurance (Group) Co yesterday teamed up with Shanghai Pudong Development Bank in fields across personal finance to infrastructure construction, CPIC said in a statement.

The two companies seek to explore new ways of cooperation between large scale insurance company and bank, and will start comprehensive cooperation in insurance, personal and corporate financial services, construction of large infrastructure projects, and financial market operations, the statement said.

The two parties have agreed on sharing resources of customers and channels, innovating insurance and bank's wealth management products, managing corporate financing risks, funding on infrastructure projects, and delivering support to technology and innovative companies.

The deal was made after Gao Guofu, former chairman of CPIC, took over the chair of SPDB in May this year.

Kong Qingwei, former chairman of Guosheng Group, is now chairman of CPIC.


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