ICBC said to buy into insurer
By Zhang Fengming |
July 15, 2010, Thursday
|
Print Edition
Print Edition
THE Industrial and Commercial Bank of China was reported to be buying into AXA-Minmetals Assurance as it makes its move to venture into the insurance sector as part of plans to diversify income channels.
The world's biggest bank by market value aims to acquire a controlling stake in French insurer AXA's Chinese life insurance joint venture, the Shanghai Securities News reported yesterday, without disclosing its sources.
ICBC plans to acquire a 70 percent stake in the Shanghai-based life insurer but AXA and China Minmetals Group, the current two shareholders of the insurer, will remain, the report said.
AXA now owns 51 percent of the life insurer while state-owned base metals trading company China Minmetals holds the remaining stake.
AXA-Minmetals declined to comment on the news report yesterday.
ICBC is seeking opportunities in China's insurance market because the restriction on banks holding non-banking financial services has been lifted recently.
The world's biggest bank by market value aims to acquire a controlling stake in French insurer AXA's Chinese life insurance joint venture, the Shanghai Securities News reported yesterday, without disclosing its sources.
ICBC plans to acquire a 70 percent stake in the Shanghai-based life insurer but AXA and China Minmetals Group, the current two shareholders of the insurer, will remain, the report said.
AXA now owns 51 percent of the life insurer while state-owned base metals trading company China Minmetals holds the remaining stake.
AXA-Minmetals declined to comment on the news report yesterday.
ICBC is seeking opportunities in China's insurance market because the restriction on banks holding non-banking financial services has been lifted recently.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
