(1 February 2010 – China) China’s Bank of Communications (BoCom) and the Commonwealth Bank of Australia have announced the launch of a new life insurance partnership in Shanghai.The joint venture sees BoCom become the first Chinese bank to be given approval by China’s regulators to enter the insurance market as part of the pilot program.
Previously known as China Life CMG, the Bank of Communications has taken over China Life’s 51 percent share of the joint venture and renamed it BoCommLife.
Simon Blair, group executive, International Financial Services said that CBA intends to help grow the business nationally by tapping into BoCom’s resources and its enormous distribution network.
Combined with Commonwealth Bank’s experience in bancassurance, the bank is confident of a strong and successful future for BoCommLife. The goal is to create a leading and competitive life insurer that covers the national China market, Mr Blair added.
BoCom is the fifth largest bank in China. It has 2,600 outlets in 143 cities, 350 wealth management centres and 10,000 self-help machines. It is listed on both the Shanghai and Hong Kong stock exchanges and celebrated its 100 year anniversary in 2008.