Ping An Insurance and Bank Leumi forge alliance

Agreement will help link the two markets, making it easier for Israeli tech firms to enter the Chinese market

Ping An Insurance and Bank Leumi forge alliance

Insurance News

By Gabriel Olano

China’s Ping An Insurance and Israel’s Bank Leumi have signed a strategic cooperation agreement to promote easier entry and integration of Israeli technology-focused firms into the Chinese market. The deal was inked during Israeli Prime Minister Netanyahu’s visit to China, commemorating 25 years of diplomatic relations between the two nations.
Leumi-Tech, Leumi Group’s high-tech banking arm, will act as a link between Leumi Group’s clients and the Ping An Group. Ping An will then assist Israeli tech companies interested in the Chinese market by either establishing relationships with Ping An subsidiaries, accommodating the firms in high-tech complexes built by Ping An’s real estate arm, or introducing them to relevant Chinese entities.

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Currently, Leumi Bank is the only bank from Israel that has operations in China, giving it close working relationships with leading figures in the rapidly growing Chinese business sector.
David Brodet, Leumi Group’s chairman, was one of the signatories of the agreement. He commented: “This cooperation will open a broad gateway for Israeli high-tech companies to the world’s largest market, and will also help the State of Israel’s economic image and activity vis-à-vis China.”

Meanwhile, Ping An president, Andrew Zhou, said: “We attach great importance to the strategic agreement with Bank Leumi, and I hope and believe that many Israeli high-tech companies will join the program and will be able to reap the fruits of this important cooperation.”

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