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BoCom To Acquire China Life-CMG

China Life-CMG Life Assurance is a Sino-foreign joint venture between Commonwealth Bank of Australia and China Life Insurance, with China Life taking a 51% stake.

Bank of Communications (BoCom) has announced that it will acquire the stake that China Life Insurance takes in China Life-CMG Life Assurance Company. The Shanghai-based bank has laid out a detailed plan on the insurance joint venture -tradingmarkets reported.

BoCom is expected to acquire stake from China Life Insurance and then BoCom will raise the capital base of China Life-CMG Life Assurance by making additional investment, to further expand China Life-CMG Life Assurance.

China Life-CMG Life Assurance is a Sino-foreign joint venture between Commonwealth Bank of Australia and China Life Insurance, with the Chinese side taking a 51% stake and the foreign side, 49%.

At the time when China Life Insurance Company got listed, China Life Insurance as the parent company, promised to sell the stake in China Life-CMG Life Assurance to a third party in three years.

China Life Insurance is a Beijing-based China-incorporated company which provides life insurance and annuity products.