China Life-CMG Insurance is a joint venture between China Life Insurance and Commonwealth Bank of Australia
Bank of Communications (BoCom) proposal to acquire controlling interest in China Life-CMG Insurance Company has received approval from the Chinese regulators – reported Reuters.
China Life-CMG Insurance is a joint venture between China Life Insurance Company and Commonwealth Bank of Australia. The money involved in the transaction was not disclosed.
BoCom plans to purchase the stake from China Life Insurance. The Australian bank would retain its 49% stake. The company has completed all the requisite application and approval processes.
Chinese lenders intend to expand into non-banking financial businesses to diversify their revenue streams. BoCom owns a leasing unit, a trust subsidiary and a fund venture with Schroders Plc, and is also seeking a brokerage licence.