The Chinese joint venture of UK-based insurance firm Prudential, CITIC Prudential, has received a life insurance license to operate in the Tianjin borough, a strategically significant direct administration zone.
Tianjin is the largest open seaport and coastal city in northeastern China, with a population of 10.4 million. It was one of the first cities to open to foreign investment and has now evolved into a national development priority, according to China’s recently published 11th Five-Year Plan.
Garth Jones, Prudential’s managing director with responsibility for China, said: We are very excited about this license as it gives us early entry into Tianjin which the central government has said it plans to develop it into a major economic and financial hub similar to Shenzhen and Pudong, Shanghai over the longer term.
The Tianjin branch is expected to be operational by the second quarter in 2007.