China's Big Four banks to launch insurance company

BEIJING, April 13 -- China's big four
state-controlled banks will be the first batch to run their own insurance
company in a pilot program, an official from the country's banking regulator
said at a forum on Saturday.

"We've reached agreement with the insurance regulator
on banks to set up their own insurance companies, and the big four banks will be
the first batch to run on a pilot basis," said Lai Xiufu, an official from the
China Banking Regulatory Commission (CBRC).

At a press conference in February, Li Kemu, vice
chairman of the China Insurance Regulatory Commission, told reporters that there
should be at least one insurance company launched by a bank approved this year.
The two regulators have now reached a consensus on the regulatory framework.

(Source: chinadaily.com.cn)