ICBC said to buy into insurer

13:58, July 15, 2010      

Email | Print | Subscribe | Comments | Forum 

The Industrial and Commercial Bank of China was reported to be buying into AXA-Minmetals Assurance as it makes its move to venture into the insurance sector as part of plans to diversify income channels.

The world's biggest bank by market value aims to acquire a controlling stake in French insurer AXA's Chinese life insurance joint venture, the Shanghai Securities News reported yesterday, without disclosing its sources.

ICBC plans to acquire a 70 percent stake in the Shanghai-based life insurer but AXA and China Minmetals Group, the current two shareholders of the insurer, will remain, the report said.

AXA now owns 51 percent of the life insurer while state-owned base metals trading company China Minmetals holds the remaining stake.

AXA-Minmetals declined to comment on the news report yesterday.

ICBC is seeking opportunities in China's insurance market because the restriction on banks holding non-banking financial services has been lifted recently.

Source: Shanghai Daily


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
  • Photo taken on Sept. 29, 2011 shows strong wind blows trees in Sanya, south China's Hainan Province. Typhoon Nesat heads towards south China and is moving at an average wind speed of 20 km per hour toward the west coast of China's Guangdong Province. (Xinhua/Hou Jiansen)
  • A fallen tree is seen on a road in Qionghai, south China's Hainan Province, Sept. 29, 2011. Typhoon Nesat was predicted to land in Hainan later Thursday, bringing heavy rainfalls to the island. (Xinhua/Meng Zhongde)
  • Arash Kamalvand (L) of Iran spikes the ball during the semifinal against South Korea at the 16th Asian Men's Volleyball Championship in Tehran, Iran, Sept. 28, 2011. Iran won 3-1 to advance to the final. (Xinhua/Ahmad Halabisaz)
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
Hot Forum Discussion