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Finance: Innovation fund
Updated: 2006-04-11 14:47
An "innovation fund" to stimulate individuals and institutions making achievements in
theory or product innovation in the insurance sector was launched on
April 7. The Insurance Institute of China, and Japan's fourth-largest property
and casualty insurer Nipponkoa Insurance Co teamed up to launch the
fund. Nipponkoa Insurance made the first donation, which totalled 1
million yuan (US$125,000). (China Daily)
Agricultural Bank of China, the country's fourth-largest bank, recently signed a
co-operation memorandum with CITIC-Prudential Fund Management Company in an
effort to improve its medium service income. Agricultural Bank of China will gain
all-round co-operation in regards to selling the fund's products, and it will
help Prudential Group apply for the QFII (qualified foreign institutional investor)
qualification and wealth management training. (China
Daily)
BANCO Bilbao Vizcaya Argentaria SA (BBVA), Spain’s second-largest bank, is in
preliminary talks to acquire minority stakes in China Minsheng Banking Corp. and
China Merchants Bank Co., the El Economista reported, citing people close to the
situation. (Shenzhen Daily)
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