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Fubon Insurance unit approved to open outlet in Chongqing

Fubon Insurance unit approved to open outlet in Chongqing

Taipei, Nov. 4 (CNA) Fubon Insurance Co., a non-life insurance arm of Fubon Financial Holding Co., said Friday that one of its subsidiaries, Fubon Property & Casualty Insurance Co., has obtained a greenlight from the China Insurance Regulation Commission to set up a branch in Chongqing, China. The insurer said it will be the first time for the insurer to extend its foothold from coastal Fujian Province to the Chinese hinterland. Fubon Insurance set up Fubon Property & Casualty Insurance in the Fujian city of Xiamen in October 2010 as a first step to target the growing China market. The mainland subsidiary now runs a branch in Fuzhou, also in Fujian Province. Fubon Insurance Chairman Shih Tsan-ming said that after one year of operations in Fujian, the insurer has built up experience in serving customers in China, in particular Taiwanese investors operating there. Shih said his company is gearing up to develop new insurance products to provide better services to its Chinese customers as it expands its reach to inland areas. Fubon Financial Chairman Daniel Tsai said that as more and more Taiwanese investors are using Chongqing as a springboard into western China, the financial firm is determined to bring a wide range of services, not only in insurance but also in banking arenas, to the increasing number of potential clients. Fubon Bank (Hong Kong), a banking subsidiary of Fubon Financial, has started providing services in Chongqing through its stake in Xiamen City Commercial Bank. In 2008, Fubon Bank (Hong Kong) acquired a 19.99 percent stake in Xiamen City Commercial Bank, which has operated a branch in Chongqing since May 2011. Meanwhile, Fubon Life Insurance, another insurance arm of Fubon Financial, is waiting for approval from the Chinese regulators to set up a 50-50 joint life insurance company in Nanjing, Jiangsu Province, with Nanjing Zijin Investment Co. Fubon Financial said Taipei Fubon Commercial Bank, another banking arm, is scheduled to set up a representative office in Suzhou, also in Jiangsu Province, by the end of this year. (By Tien Yu-pin and Frances Huang)


Updated : 2021-10-19 06:57 GMT+08:00