Thursday, November 26

China Re says to carefully weigh U.S. business entity plan

BEIJING (Reuters) – China Reinsurance Group Corp (1508.HK) said on Wednesday it will carefully consider its plan to set up a business entity in the United States, based on its global strategy and the implementation of Sino-U.S. phase one trade deal.

China’s largest reinsurance company, in a comment sent in response to a question from Reuters, did not elaborate on what exactly it was considering to reach a decision on the U.S. entity but said the trade deal was positive for its global footprint.

Based on the phase one deal inked in January, the United States will consider the application from Citic Group, China Re and China International Capital Corp (CICC) (3908.HK) for the licensing of operations, as part of opening-up measures to Chinese financial institutions.