China Merchants Bank Stepping into Insurance Industry
China Merchants Bank (CMB), the country’s largest credit issuer said it would take all 50 percent of the CIGNA &CMC shares that is worth 142 million yuan. CIGNA &CMC, founded in summer 2003, is a Sino-American joint venture offering life, casualty and health insurance. US-based CIGNA Company holds the other 50 percent of the shares.
As an agent for CIGNA &CMC’s insurance policies, CMB has earned 66.39 million yuan in service fees from the company during the first 11 months of last year.
This new step, aiming to improve the bank’s revenue structure and sharpen its competitive edge, must first be approved by the China Banking Regulatory Commission and the China Insurance Regulatory Commission.
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