Standard Life to open a Beijing banch

AFX News Limited
UK-based Standard Life Assurance's China jv to open Beijing branch - report

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10.24.2005, 11:29 PM

BEIJING (AFX) - { loans } UK-based Standard Life Assurance's China joint venture, Heng An Standard Life, has gained approval to launch its Beijing branch early next year, the China Daily reported, citing company officials.

Heng An Standard Life is a 50-50 joint venture between Standard Life Assurance Co and Tianjin-based TEDA Investment Holding Co Ltd.

It has a registered capital of 1.3 bln yuan and was established in December 2003.

The report said that the firm, which also has a branch in Qingdao in East China's Shandong Province, will target branches in Dalian, Chengdu and Chongqing.

Toi See-jong, general manager of the insurance company, said the firm will open three branches every year.

He said that the company aims to occupy all major cities by the end of 2007.