In addition, CNPC is targeting the banking industry at the same time as it is accelerating the march into the property and casualty industry with the aid of Zhongli’s insurance management technology for hundreds of years. Authoritative sources confirmed that Citi, in the latter part of its bid for a controlling stake in Guangda, drew many companies with tremendous energy to form a consortium, including PetroChina. At present, the parties concerned are expecting the relevant national departments to circumvent the winners, and whether the Citigroup can finally control the surviving variables of the controlling shareholdings of Guangda.
PetroChina stepped up its financial layout
Following the joint venture with Italy’s Zhongli Life Insurance Group four years ago, China’s most profitable central state-owned state-owned company, China National Petroleum Corporation, will once again join hands with the Chung-Lee Group to start the Chinese property and casualty insurance industry. It is reported that the preparatory application for the establishment of a co-insurance company by PetroChina and Zhongli Group has recently been officially approved by the China Insurance Regulatory Commission. If preparations are successful, the joint-venture joint-venture P&C insurance company is expected to come out in the middle of this year. This will be China's first joint venture insurance company.