BOC looking to enter life sector

Bank of China (BOC), the country’s biggest foreign exchange lender, announced recently that it was looking to buy a life insurance business. The bank’s President Li Lihui, who made the announcement while reporting on the institution’s 2008 results, did not provide details. However, sources suggest that BOC is trying acquire Tianjin-based life insurer Heng An Standard Life. It is yet to submit the proposal to the State Council, where all the big decisions concerning state-run companies are made. Sources said the China Banking Regulatory Commission, the banking regulator, has advised the country’s four major banks- the Industrial and Commercial Bank of China, China Construction Bank , Bank of Communications and Bank of Beijing to diversify into insurance business.