Bank of China (BoC) will take majority ownership of Heng An Standard Life, a 50-50 joint venture between UK-insurer Standard Life and Teda International, Dow Jones reported. Pending final approval from regulators, BoC will obtain a 25% stake from both Standard Life and Teda, effectively turning the joint venture into a domestic company. The original joint venture was formed in 2003 with a combined capital investment was US$165 million. This has since risen to US$190 million due to renminbi appreciation. "Bank of China has excellent distribution strengths and there continues to be significant growth potential across the fast developing life insurance industry in China," Standard Life said.
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