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Taiwan Cooperative Bank and BNP Paribas Assurance sign JV agreement

To set up BNP Paribas Assurance TCB Life Insurance Company in Taiwan

Taiwan Cooperative Bank and BNP Paribas Assurance have signed a joint venture agreement to set up BNP Paribas Assurance TCB Life Insurance Company in Taiwan.

According to the joint venture agreement, Taiwan Cooperative Bank (TCB) will possess 51% of equities and BNP Paribas Assurance will hold 49% of shares in the new company. TCB will designate the chairman of the new company while the general manager will be assigned by BNP Paribas Assurance.

Deng-cheng Liu, chairman of TCB, said: The formation of the BNP Paribas Assurance TCB Life Insurance Company is an important step to accomplish our goal. Leveraging on BNP Paribas Assurance’s highly diversified portfolio of life insurance offerings, as well as its top-notch bancassurance model, we are confident that TCB will reinforce its footprint in the life insurance market, strengthen its position as a full-service financial enterprise, and become a trusted partner of our customers.

Jean-Bertrand Laroche, BNP Paribas Assurance’s head of international operations, said: BNP Paribas Assurance is the insurance arm of French-based BNP Paribas. We have been operating in Taiwan for 10 years. The new company will take advantage of TCB’s brand heritage and extensive network in Taiwan to create a win-win situation for all stakeholders, bringing more high-quality insurance products and services to consumers in Taiwan.