China Economic ReviewA number of Chongqing-based businessmen are planning to set up their own bank, to be called the Employment Bank, South China Morning Post said. The head of the group is Yin Mingshan, chairman of motorcycle maker Lifan Industrial Group, one of 16 large private firms proposing to set up the bank by pledging a total […]
Shanghai plans to merge its 231 rural credit co-operatives to form the city's third commercial bank, Reuters reported. The new bank, to be called Shanghai Co-operative Bank, would still focus on rural clients but would also offer retail banking services in urban areas. It has been working with Germany's Wincor Nixdorf Retail & Banking Systems […]
The Chinese unit of Nippon Electric Glass has secured a Yn200m loan from the China Development Bank. This is the first time that the state-owned bank, which concentrates on lending for infrastructure projects, has made a loan to a firm affiliated with a Japanese corporation. Shijiazhuang Baoshi Electric Glass will use the funds to repay […]
China Life, the largest insurance company in China, has been in talks with Morgan Stanley and Citigroup to sell strategic stakes to the US financial giants, according to Hong Kong's Wen Wei Po. The stakes would be in the listing vehicle that China Life is planning to create by hiving off its prime assets for […]
Insurance penetration in China reached 3 per cent in 2002, up from 2.2 per cent the year before, South China Morning Post said. Per capita premium income rose by 41 per cent to reach Yn237.6. Total insurance premiums paid in China increased by 45 per cent yearon- year in 2002, while life insurance premiums rose […]