BoCom launches insurance business

SHANGHAI: Bank of Communications Co Ltd (BoCom), the county's fifth-largest lender by assets, launched its insurance business yesterday, as part of its goal of becoming a full-service financial conglomerate.

The new enterprise, entitled BoCommLife Insurance Co, makes BoCom the first domestic lender to invest in the mainland's insurance sector.

BoCom will hold a 51 percent stake in the new company while the Commonwealth Bank of Australia will control the remaining shares. HSBC Holdings PLC holds a 19 percent stake in BoCom.