China life eyes stake in ABC&CDB

China Life Insurance Co<601628><2628>, the country's largest life insurer, is seeking stakes in Agricultural Bank of China (ABC) and China Development Bank (CDB), said Chairman Yang Chao.

China Life will determine the size of the stake it may acquire in accordance with the bank's restructuring proposals, Yang said, and ABC will determine the timetable of the acquisition. The deal is still subject to the state approval.

Meanwhile, The Beijing-based insurer also plans to invest in domestic energy and infrastructure companies, according to Yang.

"We will remain to focus on domestic expansion this year,'' citing Yang at China's annual National People's Congress meeting in Beijing, adding that " I'm very confident about China's commercial banks because they boast great returns and have strong supervisory structures in place.''

Looking outside the home market, the insurer shows great interested in overseas acquisitions to introduce advanced management technologies and to boost its earnings.