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SDB Asked to be Investment Adviser for U.S. Insurance Co.
China's State Development Bank (SDB) and the New York Life Insurance Co. (NYL) signed an agreement Friday inviting the SDB to act as investment advisor in China for the United States insurance company.
Under the agreement, NYL will invest in China's infrastructure in the form of equity, and SDB will help the company find and appraise potential infrastructure projects, and provide consulting services for appraisal, finance, and negotiations of these projects.
NYL, one of the largest insurance companies in the U.S., has signed letters of intent with China's Sichuan Provincial Government and Chongqing Municipal Government to invest in southwest China, and the company hopes the SDB will provide assistance by utilizing its advantages in financing the country's infrastructure construction.
SDB President Chen Yuan said at the signing ceremony that the agreement will promote economic and financial cooperation between China and the U.S., and is conducive to introducing foreign capital into China's infrastructure construction.
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