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.