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The French bank wants to gain financial help from some powerful Chinese companies. The meeting between both sides has been considered as the start of further cooperation to resist the financial turmoil rooted from Wall Street.
Rothschild Banque is willing to offer more help to China Life for the latter's expansion overseas and the bank introduced some investment projects to China Life during the meeting, including AIG's business in Spain, disclosed people in China Life.
On September 18 this year, Bank of China (SEHK: 3988 and SHSE: 601988) announced that it planned to acquire a 20% stake in Rothschild Banque for EUR 236 million, or about CNY 2.2977 billion. The Chinese bank likes to take advantage of the French bank's techniques and experience to enhance its own private banking and asset management businesses. In addition, Bank of China expected to improve its R&D and international operation, in a bid to better serve medium- and high-end customers.
As of December 31, 2007, Rothschild Banque had had total assets of EUR 3.208 billion, liabilities of EUR 2.812 billion, and owners' equity of EUR 396 million. Its unaudited after-tax net profit reached EUR 105 million.
China Life, which captures a 42% share of the domestic life insurance market, is predicted to see a more-than 50% growth in total premium revenue in 2008, the fastest year-on-year growth since it went public, according to the chairman Yang Chao. And in August, its premium revenue reached CNY 225.2 billion, surging 57% over the period a year earlier.
China Life aims to become an international insurance group, underlined the chairman. The life insurer should do well in not only the domestic business, but also the overseas business. Thus it should join hands with more overseas financial institutions.
Previous sources said that it was interested in a small stake in China's biggest foreign-invested insurance company American International Assurance (AIA). But Liu Lefei, chief investment officer with China Life, stated that the insurance group has not taken the deal into consideration and it would not participate in the bidding, because such a small stake meant little to China Life.
(USD 1 = CNY 6.83 and EUR 1 = CNY 9.34)
From www.hexun.com, Page 1, Tuesday, October 14, 2008 info@SinoCast.com
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