Insurance News
- Ping An seeks national bank license
Date: 11-May-2007 Sources: (Shenzhen Daily)
PING An Insurance, China's second-largest life insurer, plans to apply for a national banking license to expand beyond its current operations in the country's southeast, a Hong Kong newspaper said Thursday.
'We can open three branches a year at most, since we have to meet certain qualifications before opening each branch,'said Dominic Leung, chief insurance officer of the company, in a South China Morning Post report.
The company's public relations department said that it could not confirm the report at the moment.
'I haven't got any information about that,'said Xiao Ping, a media officer with the insurer. 'But it's for sure that we have had a long-term banking strategy to consolidate our banks under a single brand.'
Ping An Insurance currently controls Ping An Bank and Shenzhen Commercial Bank and is combining the two banks into a single unit, the South China Morning Post said.
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