CCB led "Big red envelopes" holding Pacific Aetna approved

Before the arrival of the Lunar New Year, CCB (hereinafter referred to as "CCB") received a "big red envelope" from the CIRC, and the CCB's plan to invest in Pacific Aetna Life Insurance Company was approved.　　This is after the Bank of communications shares in the Baokang, Beijing bank shares in the first Aetna, as well as ICBC stake in Jinsheng Life, the banking department of insurance companies again expansion. The insurance company of the banking department said in its reply that it agreed to CCB's 50% per cent stake in the Pacific Palic owned by the Dutch international group and the 1% per cent stake in Pacific Palic Company held by China Pacific Insurance (group).　　As to the relevant matters related to the change of shareholding and renaming of the investment proposal, the application for administrative license shall be submitted separately by the Pacific Palic to the Circ. In fact, at the end of last year, CCB had announced that its leading joint bid group was successfully subjected to 50% per cent of the Pacific Palic, which was listed by China Pacific Insurance (Group), and that on the same day, CCB and co-investors and China Pacific Insurance (Group) signed the Agreement on property rights transactions,　　One of the CCB to buy Pacific palic 1% Equity.　　According to the "Equity transfer Agreement" signed by CCB and ING in December 2009 to buy 50% per cent of the Pacific Palic, CCB will hold 51% per cent of the Pacific Palic and become a controlling shareholder of the company. Cross-Strait Bank Insurance Field First equity joint venture project according to the previous announcement of CCB, after the completion of the transaction, the Pacific Palic shareholders will be the Tai Bao group and ING, changed to CCB (51%), "China Life Insurance Company Limited (Taiwan)" (19.9%), China Bank Investment Co., Ltd. (19.35%)　　, Shanghai Jinjiang International Investment Management Co., Ltd. (4.9%) and Shanghai Hua Xu Investment Co., Ltd. (4.85%); Pacific Aetna is to be renamed as Jian Xin Life Insurance Co., Ltd.　　The deal not only allowed CCB to enter the insurance industry, but also the first equity joint venture in the banking and insurance sectors across the Taiwan Strait, and after the signing of the Economic Cooperation Framework Agreement (ECFA), Taiwan's financial institutions have been holding shares in domestic companies, an attempt on cross-strait financial cooperation. Headquartered in Shanghai's Pacific Palic, founded in October 1998, the current registered capital of 800 million yuan, is one of the first batch of Sino-foreign joint venture life insurance Company, its initiator shareholder for the Tai Bao and the United States Aetna Insurance, after ING acquired the United States Aetna International business, so also won the joint venture in the company's shares　　As a handful of foreign insurers with two joint life insurance licences in China. Pacific Palic is one of the few domestic joint-venture life companies that has been profitable for many years. As of September 30 last year, the company realized operating income of 647 million yuan, operating profit of 41.6 million yuan, net profit of 27.027 million yuan.