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The nation's biggest life insurer, China Life Insurance Company Limited, wishes to take a stake in the Agricultural Bank of China, the chairman of the company has announced.  

 

Chairman Yang Chao told the press Sunday that China Life is "willing to conduct capital cooperation with the Agricultural Bank and establish deep ties in terms of shareholding reforms and market listing."

 

In response, Agricultural Bank President Yang Mingsheng said he held an "optimistic attitude toward Yang Chao's expectations." He indicated the bank would undertake research into the issue of inviting strategic investors.

 

"Agricultural Bank offers China Life a chance," though the insurer has not become a stakeholder in other big state lenders, the president noted.  

 

Like some other domestic banks the debt-laden Agricultural Bank is planning to transform itself into a joint-stock company with a public listing to help streamline operations. The bank's long-running problems, which include lending irregularities, are allegedly severe.

 

Under a World Trade Organization commitment China is to fully open its financial markets to foreign competition by the end of this year.

 

The Agricultural Bank has been an agent for China Life insurance products for 15 years.

 

(Xinhua News Agency July 3, 2006)