China life enters all-round strategic partnership with ABC

Published: 25 May 2009 19:26:00 PST

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China life enters all-round strategic partnership with ABC

May. 26, 2009 (China Knowledge) - China Life Insurance (Group) Company, parent of China's largest insurer by premiums, China Life Insurance Co<601628><2628><LFC>, on Friday signed an all-round strategic agreement with Agricultural Bank of China (ABC) to broaden and deepen their cooperation, the Shanghai Securities News reported.

In addition, ABC, the last unlisted bank among the country's Big Four lenders, also inked an all-round business cooperation agreement with China Life Insurance and another agreement on corporate annuity with China Life Pension Co Ltd.

Since 2006, which was before ABC's shareholding system reform, there has been speculation that China Life would buy a 20% in the Chinese lender. However, there are still no new developments to report.

On May 18, ABC raised RMB 50 billion (US$7.3 billion) through the sale of corporate bonds as part of its effort to prepare for an initial public offering. China Life bought RMB 6 billion worth of the bonds.

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