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BoCom To Foray Into Insurance Business

Intends to purchase stake in China Life-CMG Insurance, a venture between China Life Insurance and Commonwealth Bank of Australia

Bank of Communications (BoCom), a China-based lender, is expecting to commence its insurance business operation before year end – reported Reuters.

Accordingly, BoCom intends to purchase a stake in China Life-CMG Insurance, a venture between China Life Insurance and Commonwealth Bank of Australia.

Chinese lenders have been keen to expand into non-banking financial businesses to diversify revenue streams. BoCom already owns a leasing unit, a trust subsidiary and a fund venture with Schroders, and is also planning to seek a brokerage licence.

As part of its efforts to strengthen consumer banking, BoCom rolled out OTO wealth-management services three years ago. The OTO service will be expanded to about 400 banking outlets by the end of this year, as quoted in Reuters.