PICC recruits new investor ahead of 2010 listing
An unnamed domestic company is expected to take a stake in the state-owned insurer
China’s largest insurance conglomerate the state-owned People’s Insurance Company of China (PICC), which was established shortly
after the victory of the communist regime in 1949, is to acquire new strategic shareholders. In its present form PICC’s capital
is Yuan30.6bn (US$4.5bn). The investor – which will be a domestic entity - could be a financial or industrial company. This
will be followed by an IPO and listing in Shanghai and possibly also on the Hong Kong stock exchange. The move is expected
in early 2010. At present the PICC Group has 5,669 domestic branches, 80 branches abroad and it also acts as agent for 70
foreign firms in the PRC.
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