China Information

Friday, December 15, 2006

Pudong Development Bank to form insurance joint venture with BNP Paribas of France

According to informed sources, China’s Shanghai Pudong Development Bank Co., Ltd. is planning to form an insurance joint venture with BNP Paribas of France and Shanghai International Group Co., Ltd.Informed sources said that the three parties have signed an agreement on intent to establish an insurance joint venture. However share-holding proportion of the three parties in the new company is not yet decided uponShanghai International Group Co., Ltd. is currently the biggest shareholder of Pudong Development Bank, holding a stake of 23.56%.

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