Prudential and CITIC Group establish joint venture

City is open to foreign firms despite coronavirus

Prudential and CITIC Group establish joint venture

Insurance News

By Paul Lucas

One of the biggest names in insurance has set up a joint venture with China’s state-backed conglomerate CITIC Group.

Prudential Plc, the British giant, has established a joint venture asset management firm in Beijing, according to reports by Reuters.

The unit has already picked up a business licence from the Banking and Insurance Regulatory Commission and boasts a registered capital of 500 million yuan. Now, its business registration has been finalised – with the Beijing Local Financial Supervision and Administration Bureau confirming that the move was completed on March 31.

The move is seen by many as a welcome sign that China is returning to business as usual despite the coronavirus outbreak. The country has relaxed its approach to foreign financial firms in recent years.


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