CHINA BANKS WIN DISTRIBUTION APPROVAL

Two Chinese banks have been given China Insurance Regulatory Commission (CIRC) approval to distribute insurance products. Bank of China (BOC) and China Minsheng Banking Corporation were granted insurance intermediary approval but will need to apply to local insurance regulators for distribution licences if their regional branches wish to sell insurance. The move means the two banks will be able to provide insurance services across the counter and reflects the growing importance of bancassurance in China. Already a number of other prominent Chinese banks including Industrial and Commercial Bank of China, China Construction Bank, Hang Seng Bank and Bank of East Asia have been given the go-ahead for the same services.