FM Global eyes Shanghai unit
By Zhang Fengming |
May 22, 2010, Saturday
|
Print Edition
Print Edition
FM Global is poised to set up a subsidiary in Shanghai as it eyes the city's ambitious goal to become a global financial hub, a senior executive said yesterday.
The commercial and industrial property insurer, based in Rhode Island in the United States, plans to apply to the China Insurance Regulatory Commission to establish the wholly-owned subsidiary in the city in 12 to 18 months, Dennis J. Bessant, vice president and operations manager of Asia for FM Global, said yesterday in Shanghai.
"We share the same vision of the Chinese government to build up Shanghai as a global financial center, and we are proud to associate with it," said Bessant. "It's the best place for us to locate our China headquarters."
The company is already discussing with local officials about possible locations for its Shanghai subsidiary, or its China headquarters.
China's Cabinet has issued guidelines to transform Shanghai into a global financial and shipping center by 2020.
The city is already home to most of foreign banks and some big insurers in China.
The commercial and industrial property insurer, based in Rhode Island in the United States, plans to apply to the China Insurance Regulatory Commission to establish the wholly-owned subsidiary in the city in 12 to 18 months, Dennis J. Bessant, vice president and operations manager of Asia for FM Global, said yesterday in Shanghai.
"We share the same vision of the Chinese government to build up Shanghai as a global financial center, and we are proud to associate with it," said Bessant. "It's the best place for us to locate our China headquarters."
The company is already discussing with local officials about possible locations for its Shanghai subsidiary, or its China headquarters.
China's Cabinet has issued guidelines to transform Shanghai into a global financial and shipping center by 2020.
The city is already home to most of foreign banks and some big insurers in China.
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