Bank of China Intends to buy in Tianjin-based life insurer Heng An Standard Life, in a bid to foray into the Chinese insurance sector.
But the deal has not been submitted to the State Council. Thus how much Bank of China will pay for the deal has not been determined, according to people close to the deal.
Bank of China is expected to be the first batch of banks in China that are buying in insurers on a trial basis, if the deal is approved. The China Banking Regulatory Commission, the nation’s banking regulator, has fixed four banks as the first pilots to buy in insurers. They are Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, and Bank of Beijing.
L.D.