Willis Group Holdings announced that it has signed an agreement with China Development Bank (CDB), “an important economic growth engine in China,” to become its global risk management and insurance consultant.
“This agreement is an extraordinary example of the potential of the Chinese market,” said the bulletin. “It is a major step for Willis in engaging the nation’s banking industry and also signals that the concept and service of insurance broking is recognized and accepted in China.”
Willis noted that Joe Plumeri, the Group’s Chairman and CEO talked over the worldwide cooperation between the two parties at a recent meeting in Beijing with Chen Yuan, CDB’s Governor. “It became clear, very quickly, that the match of Willis’ global resources and local delivery was a perfect fit for the needs of the CDB with respect to protecting its investments across the world,” the bulletin continued.
Willis also indicated that it is “the only foreign, majority-owned, global insurance broker fully-licensed to operate in China where we have 19 branches in 18 provinces covering all the major commercial centers.”
Willis described CDB as a» development-oriented financial institution of Chinese government. Currently it has 32 branches and 4 representative offices throughout China. Based on national credit and pillared by its market achievements at international advanced level, CDB raises and introduces funds from home and abroad to support infrastructure projects, fundamental as well as major industries including their respective ancillary facilities that are important to the economic development of the Country.”