The Credit Swisse Group plans to expand its business in and introduce the new concept ' bancassourance' into China, according to one of its chief executives.

Bancassurance provides clients with a series of banking and insurance services to better meet their specific needs. The group has increased economic cooperation with China in various areas since it came to China in the 1950s. It now has banks in Shanghai and agencies in Beijing, Tianjin and Guangzhou and business relations with over 150 financial organizations in China.

It has restructured to meet the challenges in the field in the next century. Even though China is not quite ready for the insurance market, it has great potential in banking and insurance because only 37 percent of its people have bought insurance policies and the social security system needs to further develop.

The group also plans to participate in China's infrastructure development.

Credit Swisse consists of five branches and has assets worth 435 billion US dollars. (Xinhua)