FWD Group is looking at establishing a joint venture in Shanghai as China eases restrictions on foreign insurers.
In the first week of May, the group, along with its Chinese partners, applied for approval from the China Banking and Insurance Regulatory Commission to set up the venture.
The application was confirmed by the city’s Financial Service Office in a post on its website on Monday.
However, apart from this limited information, the office did not reveal further details, including the shareholder structure of the proposed joint venture.
But according to the Shanghai Securities News, FWD is expected to take 51% of the venture, which is the maximum stake China will allow foreign investors under present rules.
Two unidentified partners will reportedly hold the rest of the venture.
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