Insurer ING Group has recieved the green light for plans to set up branches of its life insurance joint venture ING Capital Life in Shandong Province in eastern China.

The joint venture, with Capital Life, has received approval to set up branches to sell insurance to the 5.69 million inhabitants of the provincial capital of Jinan. The license will also enable the company to sell across the province to an estimated 91.8 million people.

Chairman of ING Asia Pacific Alexander Rinnooy Kan said: We are delighted to receive the approval for Shandong province so closely on the heels of the branch opening in Shenyang. Pending approval to begin operations and set up sub branches, ING Capital Life will be able to set the standard in helping almost 150 million Chinese customers manage their financial future.

ING also owns stakes in other insurance businesses in China and has a 19.9% stake in the Bank of Beijing.