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People’s Insurance Company (Group) of China Limited, one of the insurance conglomerates in the country, inked an overall cooperation agreement with Industrial and Commercial Bank of China Limited (ICBC, SHSE: 601398 and SEHK: 1398) on October 21, 2010.
Under the agreement, the two partners will work together in all sectors like bancassurance agency, asset management, enterprise annuity, e-commerce, as well as insurance cover, according to the Beijing-based insurance company.
The partnership will enable both companies to beef up their competitiveness in the fast-expanding bancassurance market to bring better financial insurance services to their customers, pointed out Wu Yan, president for People’s Insurance Company.
The cooperation marks a deepening of a strategic partnership between People’s Insurance Company and ICBC, said Yang Kaisheng, president for ICBC. ICBC, based in Beijing, is the biggest bank in China, owned by the state.
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