China Life contemplates expansion
by Richard Kilner
Story link: China Life contemplates expansion
Yesterday Chairman Yang Chao of the China Life Insurance confirmed that the CLI is contemplating investment in the Agricultural Bank of China and China Development Bank, as well as potentially acquiring stakes in firms damaged by the US subprime mortgage crisis.
Although the chairman would confirm the names of the two domestic institutions the firm was looking at, he would not specify which of the overseas banks he was potentially interested in.
Yang has lent his support to the restructuring and public listing of the Agricultural Bank of China and China Development Bank.
Continuing to expand within China remains the key focus of China Life, Yang has said.
At the present time China Life does not have a particular target for the size of a stake in either bank.
The firm has not suffered a hit from the recent US subprime mortgage crisis, and although the chairman has indicated the firm may consider overseas expansion, it would not be willing to purchase a stake in any business that faces the prospect of future subprime-related losses.
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