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ING-BOB Life Insurance opens Shanghai branch
By Feng Jianmin |
December 6, 2012, Thursday
|
Online Edition
Online Edition
ING-BOB Life Insurance, a joint venture between ING Group and Bank of Beijing, opened a new branch in Shanghai yesterday to tap demands from the city's growing middle class as ING Group expands business throughout Asia.
The new branch will focus on the bancassurance channel and develop products for high-end clients, company executives said yesterday.
ING envisioned its Shanghai branch to become one of the top three foreign life insurers in Shanghai 2015.
Shi Yuan, chairman of ING-BOB and vice president of Bank of Beijing, said the cooperation between his bank and ING will be lasting.
ING, the Dutch financial group, announced in October it planned to sell its Malaysia's insurance business to American International Assurance Group.
ING is under European Union orders to divest its entire insurance operations before the end of 2018 as a condition for approval of state aid.
The new branch will focus on the bancassurance channel and develop products for high-end clients, company executives said yesterday.
ING envisioned its Shanghai branch to become one of the top three foreign life insurers in Shanghai 2015.
Shi Yuan, chairman of ING-BOB and vice president of Bank of Beijing, said the cooperation between his bank and ING will be lasting.
ING, the Dutch financial group, announced in October it planned to sell its Malaysia's insurance business to American International Assurance Group.
ING is under European Union orders to divest its entire insurance operations before the end of 2018 as a condition for approval of state aid.
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