Ping An Trust, CFT's money brokerage JV becomes operational

Nov. 19, 2008 (China Knowledge) - China Ping An Trust & Investment Co Ltd, a subsidiary of the country's second largest insurer Ping An Insurance (Group) Co<601318><2318>, has launched a money-broking joint venture (JV) with Compagnie Financiere Tradition, a money broking company ranking first in the Asia-Pacific region and 3rd in the world, sources reported.

With registered capital of RMB 50 million, the new JV, namely Ping An Tradition International Money Broking Co Ltd, has been established in Shenzhen, South China's Guangdong province. It will provide money broking services for all financial structures in Shenzhen, Shanghai, Beijing and other places in China.

Ping An Trust and CFT have invested RMB 33.5 million and RMB 16.5 million in the joint venture respectively after winning the regulatory approval this January.

It is considered to be a key step for China Life to be a comprehensive financial group, the Chinese life insurer said.

The first money broker in China was set up in 2005 by Tullett Prebon and Shanghai International Trust and Investment Corp. In September 2007, ICAP, the world's largest inter-dealer broker, launched China's second money brokerage with a unit of the People's Bank of China.