The global financial services provider ING Group NV and Beijing Capital Group said they have regulatory approval for a Beijing branch of their life insurance joint venture, China Daily said Thursday.
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The Beijing branch of ING Capital Life Insurance Co., the two companies’ 50-50 joint venture, is expected to open in the first quarter with an initial force of 300 agents selling a mix of traditional life and personal accident products, the partners said.
The Beijing branch office would expand ING's presence in China to four cities. The joint venture was begun in December 2002 in Dalian in northeast China.
