BANK OF CHINA JOIN HANDS WITH INSURANCE COS FOR SME SERVICES

BEIJING, Jun 26, 2008 (AsiaPulse via COMTEX) -- LFC | Quote | Chart | News | PowerRating -- The Bank of China (BOC) (SSX:601988; SEHK:3988) recently joined hands with Taikang Pension, PingAn Pension, Taiping Pension and China Life Pension Insurance Company to offer pension products targeted at small and mid-sized enterprises.

BOC will become account manger and custodian while the pension insurance companies will be trustees and investment managers to provide pension products to various trustors.

Deputy Manager of Taiping Pension Insurance Company Wang Wenlian said that choosing BOC as its cooperation partner is to develop foreign enterprise clients and BOC has rich resources in this aspect.

Experts said that financial institutions taking part in the pension insurance market have begun to move their eyes from large central-controlled enterprises to foreign enterprises. The cooperation between pension insurance companies and banks can efficiently reduce cost.

(XIC)

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