Bank of Beijing Banks shares in the insurance company pilot qualification approved

CBRC Drafts Bank Equity Insurance Regulatory documents Bank Pilot Equity insurance companies are moving forward. This newspaper yesterday learned that the State Council has approved the Bank of communications investment in the pilot qualification of insurance companies, but is still in the internal procedures. At present, the CBRC has notified the bank to submit a specific equity plan, but the bank has not yet determined the submission timetable.　　Another bank, which is expected to be the first to be released, told the newspaper that a stake in the insurer was basically ready for final approval.　　The reporter was also informed that the CBRC is drafting a regulatory document on the participation of insurance companies in the bank, has been in the industry for a number of comments, has not yet decided to launch a timetable. The bank is drawing up specific plans to synthesize a number of people familiar with the statement, the banks share the specific approval process of insurance companies is: The first bank to report materials to obtain participation in the pilot qualification of insurance companies, the CIRC, the CBRC review, and then approved by the State Council.　　Once the relevant bank has obtained the pilot qualification, it is also necessary to report the specific shareholding scheme to the CBRC, the content of which covers the share plan and the capital contribution, and then the official approval of the Circ. As for the other two pilot banks, both Bank of communications and the Bank of Beijing were the first to receive a pilot nod to the regulatory authorities because of the clarity of the equity transfer plan and the cooperation of stakeholders, including the withdrawal of shareholders and foreign shareholders. The two banks share a stake in the Shanghai-headquartered Sino-Palic Life and headquartered in Dalian, the first initiative of the company. People familiar with the matter said that about half a month ago, the CBRC formally informed the Bank to report the relevant equity materials.　　Industry analysts said that, according to the current news, do not rule out the possibility of the bank taking the first license of the insurance company. Bank authorities yesterday to the reporter said that the bank of the normal approval procedure for the insurance company should be, the company's internal development of the specific plan of investment insurance companies, and then reported to the Board of Trustees for approval, if the delivery of the Board of Directors to adopt a resolution, and then the proposal to the CBRC and the CIRC　　Since the State Council has approved the pilot qualification of the bank, the final plan is not subject to approval by the State Council. As for the timetable for specific programme development, the above said that the time is being studied actively, but the timing of the submission of the relevant programmes to the Board has not been finalized. The person stressed that the State Council approved the bank as a pilot banks, which is equivalent to the delivery of a ticket, has a very important significance, and the bank will soon formulate a stake in the insurance company's specific plan, "a stake in the insurance company is finalized."　　The person said. The Beijing bank, which has been exposed to buying 50% per cent of the Pacific Palic in the hands of China's kingpin, has explicitly shifted its takeover intentions to the Palic. The foreign shareholders of two "Aetna" joint venture life insurance companies are ING Group. The reporter learned from the relevant channels, because of the reason, ING will give up the Pacific life in Aetna stake, retained in the first Aetna life in the stake. The palic of the Chinese shareholders in the Pacific will also opt out.According to the Tai Bao authorities, the early delivery of the bank has also expressed the meaning of the public. The CBRC drafted the normative documents according to the list previously disclosed, the first batch of four banks participating in insurance companies were bank of Communications, Beijing Bank, Construction Bank and ICBC. According to the banking industry, regulators are thinking of a mature family.　　CCB and ICBC have no news to indicate whether they have received a notice of the need to report specific shareholding programs. ICBC's plan to buy a Taiping insurance group could run aground, according to a person close to ICBC, and the key issue is disagreement over prices. According to our correspondent yesterday, Taiping Insurance Group is currently carrying out the mainland brand and business integration plan for the future a-share market paving, currently its Taiping life, Taiping Asset Management company has realized profitability.　　Industry analysts said that, given the future A-share listing plan, the two sides in the equity price has not been discussed. With the development of the participation process of the pilot banks, the CBRC is also speeding up the formulation of relevant normative documents. This newspaper yesterday learned from the authorities that the CBRC is drafting a regulatory document on the participation of banks in insurance companies. Normative documents will not specify the proportion of specific shares, the issue of the proportion of banks and insurance companies to agree, to be allowed within the scope of the existing law to buy shares. (Our correspondent Zhoupeng also contributed)