ING-BOB Life Insurance Co Ltd, a joint venture between ING Group and Bank of Beijing, opened a Shanghai branch on Wednesday to develop its networks around the Yangtze River Delta.

The branch in Shanghai is the company's eighth since it started operations in 2002. The others are in Beijing, Liaoning, Shandong, Henan, Dalian, Anhui and Tianjin.

ING-BOB has registered capital of 1.75 billion yuan ($276.13 million) and more than 40 outlets.

The bancassurance model will become the major driver of the Shanghai company's growth. The branch is going to develop more services and products to suit the demands of the Shanghai market, said Wang Zhe, general manager of the Shanghai branch.

The branch aspires to become a leading player among joint-venture insurers in Shanghai in terms of market share and premium income in three to five years, according to Shi Yuan, president of ING-BOB.

Shi said ING-BOB will seize opportunities in Shanghai as the city aspires to become a global financial center and enhances the general qualities of the financial services industry.

wuyiyao@chinadaily.com.cn