HONG KONG -American International Group Inc. has forged an alliance with Bank of China to sell insurance, credit cards, and other financial products in China.
Under the agreement, the U.S. company's American International Assurance Ltd. and American International Underwriters Ltd. unit will get access to Bank of China's distribution network. Customers will be able to buy insurance products at bank branches and pay premiums through the bank's electronic network.
No details were available about the credit card alliance, but in October, the bank said it planned to issue Visa debit cards. China has 100,000 yuan-denominated credit cards.
Bank of China is one of China's top four state-owned commercial lenders. In 1992 American International became the first U.S. insurer licensed to sell insurance products in China since the nation went under Communist rule.