China Construction Bank has begun preparations to diversify its operations so that they include insurance and trust business, reported AFX News, citing a bank executive.

The report quoted Wang Guiya, general manager of the lender’s investment banking unit, as saying: Good progress has been made in setting up insurance and trust companies.

Mr Guiya is also reported to have said that as part of its next strategy, the bank intends to focus on the development of its investment banking business.

The report said that the bank also plans to set up a life insurance joint venture with Ping An Insurance, citing China Securities Journal as its source.