British life insurance giant Prudential and China's state-backed conglomerate CITIC Group have set up a joint venture asset management firm in Beijing, the city's financial authorities said on Thursday. The unit, Prudential-CITIC Asset Management Co, completed its business registration in Beijing on March 31, the Beijing Local Financial Supervision and Administration Bureau said in a statement, as the city continues to open up for foreign financial firms despite the coronavirus outbreak.
The unit was granted a business licence from China's Banking and Insurance Regulatory Commission (CBIRC) earlier this year with a registered capital of 500 million yuan, according to the CBIRC.
(Reporting by Cheng Leng and Ryan Woo; Editing by Alex Richardson)
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| 7.41 HKD | +1.37% | +7.86% | 27.15B | ||
| 714 GBX | -2.88% | -1.22% | 25.04B | ||
| 36.99 USD | -0.08% | +0.22% | 2.41B | ||
