ICBC To Pay $180M For Stake In AXA Venture In China

Law360, New York (October 28, 2010, 4:23 PM EDT) -- Industrial and Commercial Bank of China Ltd. announced Thursday it would pay 1.2 billion yuan ($179.5 million) for a 60 percent stake in AXA SA's Chinese life insurance business, aiming to augment its presence in the country's growing insurance market.

ICBC's investment in AXA-Minmetals Assurance Co. Ltd., a joint venture between AXA China and China Minmetals Corp., rests on combining the bank's customer base and brand influence in China with the insurance company's experience in product development and risk management, the companies said.

Following the purchase,...
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