First Sino-British Life Insurance Company EstablishedIt is informed from China International Trust Investment Corporation (CITIC) that CITIC has been approved to establish a joint-venture life insurance company with PRUDENTIAL£¬UK, with both parties deciding to invest 0.2 billion yuan or 23 million US dollars for jointly setting up a life insurance corporation in Guangzhou with each holding 50% of its shares.At present, this new company is in an active shaping and is expected to go into operation in the third quarter of this year. CITIC has 37 branch companies (banks) with the total assets amounting to 268.2 billion yuan at home and abroad. It has become a large transnational conglomerate engaging in finance, industry and other services after many years of development. Founded in 1848, PRUDENTIAL£¬UK is the biggest life insurance and mutual funds retail company with global managing funds exceeding 270 billion US dollars. It was approved to do insurance business in China in May 1999 and signed the understanding memorandum for establishing a joint-venture life insurance with CITIC last December. |
| Please visit People's Daily Online --- http://www.peopledaily.com.cn/english/ |