JV wins nod

2008-11-19  |     NEWSPAPER EDITION

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PING An Insurance (Group) Co, China's second-largest insurer, said its currency-broker joint venture won regulatory approval to open for business. Ping An Tradition International Money Broking Co, set up with Cie Financiere Tradition, the world's third-largest broker for over-the-counter trading, won approval from the China Banking Regulatory Commission on October 31, Ping An said in an e-mailed statement on Monday.

China Ping An Trust and Investment Co, the insurer's trust unit, owns 67 percent of the venture, while CFT owns the remainder, according to the statement. The venture has 50 million yuan (US$7.3 million) in registered capital.


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