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China's Insurance Giant Cooperates With Air-Transport Group
A strategic alliance was sealed between the China Pacific Insurance Company and the Haihang Group Co., Ltd. Saturday in this capital city of south China's Hainan Province.
The two parties are to combine industrial and financial capital to form a partnership characterized by cross share-holding.
The deal demands that Pacific Insurance provide comprehensive insurance and financing services to the Haihang Group.
This deal follows a prior financing move by Haihang, when it cooperated with China's three major commercial banks, the Bank of China, China Agricultural Bank and China Construction Bank.
Haihang Group Co. Ltd., mainly dealing in air transport, has also dealt in the information, trade and leasing industries. The Group's registered assets total some 15 billion yuan ( approximately 1.81 billion U.S. dollars).
As China's first nationwide share-holding insurance institution and one of the country's three largest insurance companies, Pacific Insurance holds total assets amounting to 23.8 billion yuan (some 2.87 billion dollars).
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