The insurance joint venture established by New York Life and Haier, China's leading domestic appliance manufacturer, sold its first policy in December. The two partners own equal shares of the venture, Haier New York Life, in which they have invested a combined US$24m. New York Life is providing financial and insurance expertise to the venture, […]
Category: Banking & Finance
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PICC to be restructured
The State Council has given its approval to a restructuring of People's Insurance Co of China (PICC) that will make it a shareholding company with a stronger commercial orientation. Under the plan, PICC's core assets will come under a new shareholding company, PICC Property Insurance, with noncore assets going to another company called PICC Holdings. […]
The move signals a change China has asked the World Bank and Asian Development Bank if they would be interested in launching yuan-denominated bonds, the Financial Times said. The International Finance Corporation, private finance arm of the World Bank, said that it was open to the suggestion, while the ADB said it would be very […]
The Chinese authorities have given permission to three more foreign insurers to set up operational units in the country, bringing to 34 the total number of overseas insurers allowed to do business, China Securities said. The new companies are Liberty Mutual Insurance of the US, Japan Property Insurance Co and the UK's Standard Life. The […]
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Beijing bank in talks with HSBC
An official of Beijing City Commercial Bank has confirmed that it is actively pursuing talks with the International Finance Corporation and HSBC about their taking stakes in it, South China Morning Post said. The IFC, the World Bank's financing arm, tentatively signed up to take a 5-8 per cent stake in the bank while HSBC […]