The U.K.’s Aviva Plc announced that it has received regulatory approval for its joint-venture company, Aviva-COFCO, to open a branch office in the city of Jinan, the capital of Shandong province on China’s East Coast.
“Jinan is the province’s political, economic and cultural center, with a population of 5.69 million,” the bulletin notes. “It is also the hub of the transport and communication network of the Shandong Province, which has a total population of over 90 million.”
Aviva said the new license “brings the total number of cities in which Aviva-COFCO has operations to 12. Aviva already has branches in four major provinces or municipal cities, comprising Beijing, Guangzhou, Chengdu and Fuzhou with seven additional sub branches in Leshan, Mianyang and Nanchong (Sichuan province), Zhongshan, Foshan and Shenzhen (Guangdong province) and Xiamen (Fujian province).”
Philip Scott, executive director, Aviva International commented: “We are delighted to have received this license for Jinan, particularly because it gives Aviva access to yet another significant region of economic growth in China. This license takes us a stage closer to achieving our longer term ambition of achieving an average 10 per cent market share in 10 provinces or municipal Chinese cities by 2010.”
Topics China
Was this article valuable?
Here are more articles you may enjoy.
Pfizer Agrees to Settle More Than 10,000 Zantac Cancer Lawsuits 
Fannie and Freddie Hit Pause on Replacement-Value Requirements for Home Insurance 
Miami Retirement Fund Class Action Alleges Globe Life Officers Concealed Fraud 
Reserve Strengthening for Casualty Lines Not Over: Moody’s 
