Bank of communications plans to buy a 51% shares of the combined management platform

If the bank of the purchase of the success of the Union, it is expected to add a life insurance license, in order to build a comprehensive operating platform under the important pieces of the board after the approval of the State Council earlier this month, banks and insurance companies are actively engaged in the struggle for limited pilot places. According to a variety of channels confirmed that the bank of communications has formally submitted to the regulatory Department of the plan to acquire the Sino-Baokang Union Life Insurance Co., Ltd. 51% of the equity. People familiar with the matter said that the company was indeed in contact with the exchange of shares, the escalation of the scheme is the bank of the existing large shareholder in China Life to buy its holdings of 51% of the shares. January 15, He Jingzhi, chairman of the Sino-Baokang, said to the "financial" reporter, interested in the purchase of the Baokang shares of many buyers, the foreign shareholders of the bank buyers more welcome, but has been concerned about policy restrictions. At present, the policy has been loosened and the buyers of banks may become the first choice. However, "there is no precise information on the current transfer of shares in the company," he said. "Sino-Baokang Life Insurance Co., Ltd. was established in Shanghai on June 16, 2000 and formed by the Chinese Life Insurance Company and the Commonwealth Bank of Australia." Headquartered in Pudong Lujiazui China Insurance Building. The foreign investor, the Commonwealth Bank of Australia, is one of the largest banks in Australia by market capitalisation, with assets worth over 1.166 trillion RMB, the largest retail pension management company and life Insurance company in Australia. China Life and the Commonwealth Bank of Australia in the Sino-Japanese Union company accounted for 51:49 of the shares, is a Chinese-controlled joint venture life insurance company. Since its inception, the Sino-Baokang joint business development is not very satisfactory. Due to the protracted transfer of China Life shares, the company's development is severely constrained. It is said that because of the outstanding equity issue, the Sino-Baokang Alliance was established eight years ago, has not opened a foreign branch. Lack of input to the company's business expansion and talent attraction brought about the adverse impact, has reached a very prominent point. According to the CIRC website, "January 2007-November Life Insurance Company's original premium income statement" Statistics show that 2007 years ago 11 months, the Sino-Baokang Joint Premium income of 287.5132 million yuan, in the queue of foreign-funded insurance companies in the downstream level. China Life is eager to sell its shares in the company in an effort to avoid a competitive relationship between China Life Insurance Co. and the Sino-Baokang Alliance. As early as December 2003, when China Life AG was listed in Hong Kong, it disclosed in the prospectus that its parent company, China Life Group, had agreed to sell the JV interest to a third party within three years of its listing, or to take any other means to eliminate any competition between the company and the Sino-Baokang Alliance. At the end of 2004, He Jingzhi, President of Shanghai Insurance Association, was appointed chairman and general manager of the Sino-Baokang Association. He was the general manager of the Shanghai branch of China Life, and was the key figure that led to the establishment of the Baokang Alliance. The industry generally believed that the appointment was in order to stabilize the Union since the establishment of the common situation of personnel unrest, and on the other hand, as soon as possible to find suitable for the Chinese stock holdersPrepared。 2005, China Life has been actively looking for buyers, the intention to resolve the issue of equity transfer in the year, and locked in the Shanghai International Group for the next, because of the Shanghai Social Security incident, resulting in the acquisition of the plan failed, but also to make the issue of the transfer of equity has been delayed again. Bank of communications in the integrated management has been relatively aggressive. 2005, as one of the first batch of banking fund companies, the Bank and Schroeder Group jointly established a Bank Schroeder fund management company. According to the SFC website disclosed, as at the end of September 2007, the Bank Schroeder has issued 5 fund products, The management asset scale reaches 59.458 billion yuan; in June 2007, the Bank of mergers and acquisitions reorganized Hubei International Trust Investment Co., Ltd., initiated the establishment of the bank Financial leasing company, and other sources said that the bank is actively seeking direct investment opportunities in the securities sector. The bank has previously invested in Hong Kong to set up the China Bank Insurance Co., Ltd., focused on the insurance business, and once looked for opportunities to return to the mainland to expand their business. If the bank of the purchase of the success of the Baokang, it is expected to increase the strength of its life insurance business, and ultimately for the bank to build their comprehensive operating platform under the important pieces of the cloth.