Category: Banking & Finance

China’s life insurance market could grow to US$160 billion by 2012 from less than US$100 billion last year due to a rising middle class and steady economic growth, Bloomberg reported, citing a study by McKinsey & Company. The study says China is on course to become the world’s fifth-largest life insurance market by 2015, up […]

Microwave oven maker Galanz said it hopes to raise up to US$1 billion in a domestic initial public offering that could come by the end of the year, the South China Morning Post reported. A company spokesman declined to set a specific timetable for the listing, but analysts said a bearish market may force the […]

Bank of China (BoC) may have overtaken insurer China Life to become Beijing’s top choice as a potential bidder for the Asian life insurance assets of troubled US insurance giant AIG, the Financial Times reported, citing sources familiar with the matter. "The current thinking in Beijing is that BoC is better equipped to manage foreign […]

China Construction Bank (CCB) will avoid foreign acquisitions during the market uncertainty, Reuters reported, citing comments from the bank’s chairman. In an interview published Wednesday by magazine The Asian Banker, Guo Shuqing said there were still too many questions about the asset quality of overseas banks for CCB to consider investing abroad. "Quite a lot […]

China Securities Regulatory Commission (CSRC) Vice Chairman Fan Fuchun will step down from his position, the South China Morning Post reported. Fan, who has reached retirement age, will likely be replaced by Liu Xinhua, currently an assistant to CSRC Chairman Shang Fulin. Analysts said the personnel change would be unlikely to affect CSRC policies, as […]