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BOC Develops Insurance Cooperation with American Int'l Group Inc.
Bank of China recently reached agreement with the American International Insurance Group Inc. (AIG) on business cooperation with the latter's insurance and finance institutions in China--American International Assurance Co., Ltd. and AIU insurance Company to provide customers of both parties with a series of comprehensive services.
According to the agreement, the two parties will share resources by linking their websites and issuing cards in the joint names of them. This is a new move taken by the Bank of China to actively explore modes of cooperation with foreign financial institutions while it's strengthening cooperation with home financial institutions.
In the opinion of relevant authorities, as the method of China's economic growth is changing from an extensive to an intensive mode, it has become a necessity of cooperation featuring association between strong enterprises, complementing each other's advantages and the sharing of resources.
It's said that AIG which grew out of a company established in Shanghai in 1919 is currently the largest industrial and commercial insurance institution of the United States, and its subsidiaries are running a series of commercial and individual insurance products in more than 130 countries and regions around the world.
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