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Insurance Company of Bank of Communications Inaugurated in HK
March 28 saw China Communications Insurance Company funded by China's Bank of Communications inaugurated in Hong Kong. It is the first of its kind set up in Hong Kong after Asian financial crisis, also a significant move for the bank to seek for diversified development in the special administrative region.
Approved by the People's Bank of China, China Insurance Regulatory Commission and Office of the Commissioner of Insurance in Hong Kong, the insurance company was set up with a registered capital of 100 million HK dollars. Its business ranges from property insurance, freight transport insurance, building project insurance and household, travel, to accident and other personal insurance.
Addressing the opening ceremony Wu Jian, vice president of China's Bank of Communications said we established a securities company in Hong Kong in 1999 and was authorized to provide MPF service last year. We are approved to set up an insurance company in the region this year and this would surely enhance our capability in providing all-round services to our clients.
Guan Huanfei, CEO in administration of the insurance company said the bank would provide investment service and properly deal with resources in order to obtain a higher competence in solvency. After China's entry into the WTO, more and more foreigners will come to China's mainland for business or travel, the company will cooperate with related departments in mainland to provide multifarious insurance services for them.
As one of China's five commercial banks, Bank of Communications has more than 66 years of business behind it in Hong Kong. Its Hong Kong branch has 40 sub-branches and other institutions. To promote itself and offer preferential services, the bank will put forward some commercial and personal insurance products at a discounted price for one month.
By PD Online staff member Li Yan
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