Prudential forms China JV

Prudential forms China JV

LONDON (Reuters): Britain's largest life assurance group Prudential Plc said on Monday it would form a joint venture with China's investment flagship, China International Trust and Investment Corp (CITIC).

The deal would create the first Sino-British life insurance operation in China, Prudential and Citic said in a joint statement.

The companies said they planned to invest an initial 15.6 million pounds (US$25.16 million) in the venture in Guangzhou which aims to launch life insurance products and services in mid 2000.

The joint venture follows China's decision in May to award Prudential a license to operate in China after the British company had tried for ten years to gain access to the potentially lucrative Chinese market.