China Construction Bank Signs an Equity Transfer Agreement with ING

 

On 29 December 2009, China Construction Bank Corporation (“CCB”) and ING Insurance International B.V. (“ING”) signed an Equity Transfer Agreement, pursuant to which CCB will acquire ING’s 50% equity interest in Pacific-Antai Life Insurance Company Limited (“PALIC”).

 

PALIC was established on 16 October 1998 as a life insurance company. Its registered capital stands at RMB800 million. Headquartered in Shanghai, PALIC has two branch offices in Guangdong and Jiangsu provinces respectively, with a total of 25 marketing services departments. As at the end of June 2009, PALIC has a client base of 300,000 customers, 350,000 in-force policies, 2,507 insurance agents and total assets of RMB3.5 billion.

 

Following the acquisition, CCB will further expand the platform for providing customer services. It will promote cross-selling of life insurance products and banking services products amongst its customers by leveraging on its abundance of resources in terms of individual and corporate clients, as well as the soundness of its risk management skills and experience, thus maximizing the synergy and effectively facilitating the steady and yet fast-paced development of PALIC.

 

The completion of the above-mentioned transaction shall be subject to the approval of the China Banking Regulatory Commission and the China Insurance Regulatory Commission.