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Chinese bank to set up insurance co.
BEIJING:
The Bank of Communications, China's fifth largest bank, is in talks with indigenous conglomerates to jointly built a stock-holding insurance company based in the Chinese mainland.
The plan has been approved by the China Insurance Regulatory Commission and will involve a share capital of 500 to 800 million yearn (about $60.46-96.74 million), China Securities Daily reported on Tuesday. With its headquarters in Beijing and Shanghai, the company will be established via the bank's Hong Kong subsidiary China Communications Insurance Co., Ltd. — Xinhua
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