China Construction Bank Opens Insurance Business In Shanghai
China Construction Bank (CCB, SSE:601939; SEHK:00939) opened an insurance unit, CCB Life, in Shanghai on June 22. The bank is also the first among China’s big four state-owned Banks to establish an insurance business subsidiary, and is one of the bank pilots approved by the State Council and regulators to invest in insurance companies. CCB Life has a registered capital of 800 million yuan, in which CCB holds a controlling 51 per cent stake. Other holders include China life insurance Co. Taiwan (TAIEX:22823) with a 19.90 per cent stake.
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