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The China Banking and Insurance.........>

CHINA PRESS
MNI (London)
CHINA PRESS: The China Banking and Insurance Regulatory Commission(CBIRC) has
given a green light to German insurance giant Allianz SE to set up a subsidiary
operation. The new group will be China's first insurance holding company to be
wholly-owned by a foreign insurer, the Financial News reported.
- The CBIRC has also given 10 further market access approvals to foreign banks
and insurance companies to set up branches or asset management firms recently,
the newspaper said.
- As a next step, the CBIRC said Sunday it will steadily expand the opening up
of China's financial sector, improving risk prevention and supervision
capacities.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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