Jan. 18, 2007 (China Knowledge) – China Construction Bank (CCB), which is targeting the launch of its insurance company within the first half of this year, could become the first bank to enter the insurance market.

Zhang Jianguo, CEO of CCB, said in Hong Kong recently that a proposal has already been submitted to both the China Banking Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC) and is pending approval. Meanwhile, CCB is talking to established foreign insurance firms as well as domestic corporations to find a partner to form the insurance joint venture.

Currently, banks in China are trying to enter the domestic insurance market to diversify their business portfolio - both Bank of Communication (BOCOM) and Bank of China (BOC) have also submitted proposals to establish insurance companies to CBRC and CIRC.

Related links:

Commercial banks awaiting approval to enter insurance business:
http://www.chinaknowledge.com/news/news-detail.aspx?cat=general&id=4434

Two Chinese banks to go into insurance business:
http://www.chinaknowledge.com/news/news-detail.aspx?cat=general&id=4037