HONG KONG (Reuters) – China has approved two more insurance units to be set up by BNP Paribas (OTC:) and Prudential Financial (NYSE:) in a move to further open up the local insurance market to foreign companies.
China’s National Financial Regulatory Administration (NFRA) has approved the creation of a joint venture between BNP Paribas and Volkswagen (ETR:) Financial Service, Li Yunze, the head of the regulator said on Friday at a financial forum in Beijing.
U.S.-based Prudential Financial has been approved to set up an insurance asset management firm in Beijing, Li said.