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China Everbright to Launch Insurance Business in Hong Kong
Investment group China Everbright Ltd. said Thursday it is planning to launch its first insurance business in Hong Kong in November through 20 percent owned Standard Life (Asia) Ltd.
"China Everbright wants to use Hong Kong as a base in developing the insurance business, after China is admitted into the World Trade Organisation (WTO)," the company's chief executive Guo Yu said.
"China Everbright will be glad to work with other international insurance companies to penetrate the insurance market on the mainland," he said.
Standard Life is a joint venture between Standard Life Assurance Co. of Britain and China Everbright, a Hong Kong-listed mainland company.
Guo also said China Everbright's unit China Everbright Securities will set up a representative office in London to enhance its presence in the institutional investment business.
"We hope the London office will open by the end of this year. We want to expand its brokerage business, when the operations of China Everbright Securities are in good shape," he said.
For the four months to April, turnover of China Everbright Securities brokerage business totaled 90.0 billion yuan (US$10.84 billion).
Loans extended by China Everbright Bank rose 7.5 percent in the same period.
China Everbright holds a 20 percent stake in China Everbright Bank.
Guo said a spin-off of China Everbright Bank is being planned but there is no definite timetable.
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