BANK OF CHINA TO BECOME MAJORITY S'HOLDER IN HENG AN STANDARD LIFE
Thursday, Sep 10,2009, 6:00:07 PM Click:
The Bank of China (BoC) (SEHK:3988;SSE:601988) has received approval from Chinese regulators to invest in Heng An Standard Life Co., a joint venture between UK-based Standard Life plc and TEDA International Holding (Group) Co.
The investment will be placed through BoC's wholly owned subsidiary, BoC Insurance Co. Ltd., according to a report by Xinhua-run China Securities Journal on Thursday.
The joint venture was first established in 2003, with the ownership split evenly between the two companies, and bore a registered capital of 1.3 billion yuan (US$190.4 million). After the purchase is completed, BoC will hold 50 per cent of stake in Heng An Standard Life, while the Standard Life's interest in Heng An will drop to 25 per cent.
After the deal, the joint venture is to be turned into a Chinese insurance company.
You may also be interested in:
Featured
'Strictly Come Chancing'-Saturday Night 'Sneak-In'
Avid fans of Saturday night 'must see TV' are being warned to guard against
Insurers Go Green and Turn Off Paper Statements
My colleague, Emmett Higdon, wrote an article recently on how banks can
MetLife Executive to Speak at Wachovia Conference
NEW YORK--(BUSINESS WIRE)-- Anthony J. Nugent, executive vice president,
Hawaii Pacific Health, Humana sign agreement
Copyright: Business Wire Source: Business Wire Wordcount: 713 Business Editors
Insurer Pacific Life Sees AIG Hangover, Policy Sales
Newport Beachs Pacific Life Insurance Co. has been on a wild ride with its
JHA Announces 2008 U.S. Group Life and Disability
PORTLAND, Maine--(BUSINESS WIRE)-- JHA is pleased to release the results of the
A.M. Best Upgrades Ratings of 1st Choice Auto
OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has affirmed the financial
MOST POPULAR
- Most Read
- Most Discussed
- Most Emailed
- Insurance Industry Campaign Contributions Lean in Favor of Democrats
- Total Admitted Assets for Top 25 U.S. Life/Health Writers Dr
- Class Action Suit against Nationwide Insurance
- MetLife's Bank Passes Federal Government's Stress Tests
- Indexed Annuity Sales Set A Record For 2Q 2009
- Insurance Department Releases Report on Executive Compensation at State's Largest Blues' Plans
- New York Life’s Top Ratings Affirmed by All Four Major Rating Agencies
- Best Removes From Under Review, Affirms Ratings of Liberty Bankers Life Insurance Company and Subsidiary; Outlook Negative
- Bank BOLI Assets Exceed $126 Billion in 2008
- LIMRA/McKinsey Study Reveals How Life Insurers Can Optimize
-
Service Provides Some Relief for Losses from 'Ponzi' Schemes -
Back To Basics: 80/20 Principles Guide Big Wellness Success -
Employee Benefits Selections "Recession-resistant" since nearly 9 out of 10 workers in the United States plans to maintain or increase coverage for 2010, according to MetLife Open Enrollment -
IRS Rules on Tax Treatments of Life Settlements -
Matt Lile Surrenders Insurance License After Financial Meltdown of Cosmopolitan Life -
New York Life to pay the long-term care insurance dividend f -
New York Insurance Department is proposing legislation to re -
Aetna Chairman and CEO Ron Williams testifies on reforming t
Discuss this news
Click Here to see all comments