SOCGEN PLANS LIFE INSURANCE OPERATION IN CHINA

FRANCE’S Société Generale Group is the latest multinational financial giant to signal its interest in the Chinese life insurance sector. Reports indicate that a wholly owned life insurance subsidiary of the French retail bank is already in negotiations with a life insurer in China about making a strategic investment or establishing a joint venture. Its plans include a life insurance and pension fund business in China. Meanwhile Société Generale is also mulling taking a 20% stake in a Chinese bank over the next two years, reports suggest.