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China’s BOC moves into insurance

China’s BOC moves into insurance

(13 July 2005 – China) Bank of Communications has been given the green light by the country’s Insurance Regulatory Commission to establish a shareholding insurance company. The bank, in which HSBC has a 19 percent stake, will run the company initially through its Hong Kong operation and set up offices in Beijing and Shanghai.

The new insurance company will work with large Chinese companies and is expected to have total capital of between 500 and 800 million yuan.

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