Friday, March 07, 2008

Standard Chartered eyes insurance business

Standard Chartered Bank<2888>, a London-based international bank, said it expects to raise the weighting of its bank assurance business to 20% in China by 2010, sources reported.

With the introduction of more financial protection products, the bank is looking to form a more diversified wealth management portfolio to cater for varied demands from clients.

It signed a cooperation agreement with Allianz China Life Insurance to jointly offer a pension insurance product on Thursday, which will be initially put into Shanghai and Guangzhou markets.

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