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Dutch Insurer Obtains License for Joint Venture in China
Dutch insurer ING Insurance, a member of ING Group, one of the world's largest financial groups, has been granted a license for a joint venture life insurance company in China.
"We are eager to start our life insurance business in China and this reaffirms our confidence in further investments in China," said Ewald Kist, chairman of the ING Group.
"This license will allow us to provide an integrated financial services in China. In addition to our existing banking, asset management and real estate business, we can now also start insurance activities," he added.
ING Insurance will work out the preparation proceedings in setting up the joint venture life insurance company together with their Chinese partners.
Company sources in Beijing confirmed that the company is currently talking to a number of potential partners but declined to disclose who they are.
ING Group ranked 28th among 500 of the world's largest corporations by the American magazine "Fortune" in 1999.
ING opened its first representative office in China in 1993 in Shanghai and has since opened offices in Beijing, Guangzhou and Dalian.
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