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More Cooperation Seen Between Banks and Insurance Companies
The American International Assurance Co., Ltd. and the Guangdong Development Bank signed an agreement Tuesday on cooperation in insurance agency and credit card services, sharing of customer resources and personnel training at their Shanghai branch offices.
American International Assurance is the first foreign insurance firm approved to do business in China. It has established cooperative ties with the Shanghai branches of the Bank of China and Bank of Communications since it entered Shanghai in 1992.
Xu Zhengguang, general manager of American International Assurance's Shanghai branch, told Xinhua that cooperation between banks and insurance companies has become a trend, with the development of economic globalization. He promised that his office would put more efforts into providing more comprehensive financial services to its clients.
Chinese insurance companies have also begun seeking collaboration with banks, which shows that the two sectors are ready to join hands.
Insurance insiders say that a happy marriage between insurance companies and banks would improve the capabilities of both sides. They predicted that they will work together more in the financing sphere in the future.
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