China Postal Savings Bank wins approval to distribute insurance
The China Insurance Regulatory Commission said it has given approval to Postal Savings Bank of China to distribute insurance products nationwide.
Postal Savings, spun off from the banking operations of the state postal bureau with registered capital of 20 bln yuan (USD 2.9 bln), opened for business in March 2007.
It has more than 37,000 outlets across the country, of which more than two thirds are in rural areas, making it the largest rural financial network in China.
China Post Group, the parent of Postal Savings, won regulatory approval earlier this year to set up a life insurance unit in Beijing.
The group also has a 50-50 insurance joint venture, Sino-French Life Insurance Co, with France’s CNP Assurances.
The China Insurance Regulatory Commission said it has given approval to Postal Savings Bank of China to distribute insurance products nationwide.
Postal Savings, spun off from the banking operations of the state postal bureau with registered capital of 20 bln yuan (USD 2.9 bln), opened for business in March 2007.
It has more than 37,000 outlets across the country, of which more than two thirds are in rural areas, making it the largest rural financial network in China.
China Post Group, the parent of Postal Savings, won regulatory approval earlier this year to set up a life insurance unit in Beijing.
The group also has a 50-50 insurance joint venture, Sino-French Life Insurance Co, with France’s CNP Assurances.
