Stocks News
- PICC Property to acquire PICC Life stake
Date: 26-Jun-2007 Sources: (Shenzhen Daily)
PICC Property and Casualty Co., China's largest nonlife insurer by revenue, said yesterday it will invest 812 million yuan (US$106.84 million) in PICC Life Insurance Co. for a 28 percent stake.
PICC Property and Casualty, which doesn't own any shares in PICC Life, said in a statement the deal will allow it to expand into the life insurance business in China and help promote its services through cross-selling with PICC Life.
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