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BOC sets up strategic tie with China Life

(Shanghai Daily)
Updated: 2007-06-28 13:48

Bank of China will set up a strategic cooperation relationship with China Life Insurance Group as the two pledged more collaboration in a deal signed in Beijing today.

The deal will include bank assurance, financing, electronic business affairs, bonds issuing, bank cards and asset custody, according to the deal signed between BOC and four units under the China Life Insurance Group, Xinhua news agency reported.

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The four units are People's Insurance Company of China, China Life Insurance Asset Management Co, China Life Insurance Co and PICC Health Insurance Co.

BOC is expected to have more cooperation with the biggest Chinese insurance group to offer services for the Beijing 2008 Olympics in the future, said Xiao Gang, the board chairman of the second biggest bank in China.

BOC and China Life Insurance Group are the only partners of the Beijing 2008 Olympics in banking and insurance fields.