INTESA SANPAOLO SET TO BUY STAKE IN UNION LIFE

Italian financial services group Intesa Sanpaolo is set to buy a 20% stake in China-based Union Life, reported Reuters , citing unnamed sources “close to the deal”. A Memorandum of Understanding is said to have been signed, and approval is now awaited from Chinese regulators. Union Life would only confirm that it was in talks with an Italian financial group. In 2006, Wuhan-based Union Life was China’s 10th-largest life insurers as measured by premiums written, and is looking to expand this year, opening another six to eight branches to bring the total number to about 20. In the middle of last year it said that it was prepared to allow in foreign investors as part of a plan to raise its registered capital to 1bn yuan from 420m yuan.