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ABC and PICC Teams up to Expand Business
China's largest insurance company, the People's Insurance Company of China (PICC), signed a long-term co-operation agreement with one of the country's major commercial banks, the Agricultural Bank of China (ABC), in Beijing Thursday, November 23.
The new agreement followed one chalked up a few weeks ago between PICC and anocther major State-owned commercial bank, the Industrial and Commercial Bank of China.
"More co-operation agreements between PICC and a number of financial organizations will follow later," said Tang Yunxiang, general manager of PICC, at the signing ceremony Thursday.
According to the PICC-ABC agreement, ABC will help PICC sell insurance products, collect premiums and pay out compensation claims. The two financial institutions will also join hands in the fields of capital settlement and contract deposits, and will keep exploring new ways of co-operation.
Branch organizations of the two institutions nationwide have also been instructed to work together by the head offices.
"The co-operation will greatly lower PICC's operational costs while expanding its business," Tang said.
The ABC boasts the largest operational network among its counterparts in China, with around 60,000 outlets nationwide.
Through this co-operation, PICC will greatly increase its influence nationwide, especially in the remote rural areas, said Tang.
ABC, on the other hand, will see its intermediary business expand further with PICC as its long-term partner, said Shang Fulin, ABC president, Thursay.
Source: chinadaily
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