Bloomberg News

BEIJING — People’s Insurance Company of China, the country’s largest insurer, will sell products through Agricultural Bank of China, China Daily reported.

Policies will be sold and claims processed at the bank’s 60,000 outlets in China, according to the article. The agreement between the two state-owned companies was signed Thursday in Beijing.

China’s four main commercial banks — Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank — are looking for ways to modernize. They expect increased competition from foreign lenders after China joins the World Trade Organization.

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