ING joint ventures win approval for branches in China's Anhui and Jiangsu |
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Wed, 14 Nov 2007 10:56
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BEIJING (XFN-ASIA) - ING Group N.V. (ING) said that both its China insurance ventures, ING Capital Life Insurance Co (ING Capital) and Pacific Antai Life Insurance Co (Pacific Antai), have received regulatory approval to establish branch operations in Anhui and Jiangsu provinces.The consent, granted by the China Insurance Regulatory Commission (CIRC), allows ING Capital Life and Pacific Antai six months to set up branches in the two eastern provinces and seek the CIRC's approval to operate and register the businesses with the local municipal authorities, ING said in a statement.The two businesses will then be able to sell insurance to the 11 mln inhabitants of Hefei in Anhui province and Nanjing in Jiangsu, ING said.The insurer also said the licences will automatically allow it to apply to the local CIRC offices to open sub-branches, which will broaden the two joint ventures' reach further, to encompass an estimated 140 mln people in the two provinces.ING Capital Life is a joint-venture with Beijing Capital Group and Pacific Antai is a joint-venture with China Pacific Insurance (Group) Company Ltd.Upon approval, ING will operate in 20 Chinese cities, of which 14 support insurance operations, according to the statement.jianbo.wu@xfn.com-xfnjbw/xfnjanmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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ING China insurance JV wins approval to establish Jiangsu branch 