HONG KONG (Reuters) -China hasactually authorized different insurancecoverage systems to be set up by BNP Paribas (OTC:) and Prudential Financial (NYSE:), a regulator stated on Friday, as it looks to evenmore open up the world’s second-largest insurancecoverage market to foreign business.
China’s National Financial Regulatory Administration (NFRA) hasactually authorized the development of a joint endeavor inbetween BNP and Volkswagen (ETR:) Financial Services, Li Yunze, the head of the regulator stated at a monetary onlineforum in Beijing.
U.S.-based Prudential Financial has likewise been authorized to set up an insurancecoverage possession management company in Beijing, Li stated.
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