US insurance giant set to enter 皇冠体育app
( 2003-10-16 01:56) (Xinhua)
MetLife, the largest life insurance company in the United States, declared Wednesday that it would set up its first company in 皇冠体育app, a joint venture with Beijing Capital Airport Group.
The new company, Sino-US MetLife, will have its headquarters in Beijing and provide life insurance service in 皇冠体育app. The cooperation contract between MetLife and the Capital Airport Group has been proposed to the 皇冠体育app Insurance Regulatory Commission and relevant government departments for approval.
MetLife gained admission to 皇冠体育app on the day 皇冠体育app entered the World Trade Organization (WTO). According to 皇冠体育app's commitment to the WTO, foreign life insurance investors can hold less than half of their company's shares in 皇冠体育app but are free to choose their partners.
MetLife decided to cooperate with Beijing Capital Airport Group, which is not an insurance company, because the group has many customers and is very influential in 皇冠体育app, said the international president of MetLife.
The joint-venture company will be mainly based on Chinese skill while making full use of MetLife's staff in Hong Kong and Taiwan. The president said the management staff of the new company are ready to start business any time.
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