Manulife-Sinochem receives approval for a new branch in Shaanxi
Manulife-Sinochem Life Insurance Co Ltd (MSL) announced on Monday that it has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to begin preparation work to establish a new branch in western Shaanxi Province. Scheduled to start operations later this year, it will be MSL's 15th provincial branch.
Kai Zhang, CEO of Manulife-Sinochem, said: "We are delighted to receive approval to prepare for MSL's new provincial branch. This is an important achievement for MSL as we look to expand our business footprint in central and western China.
As a major economic province with the second-largest GDP in western China, Shaanxi is also an important hub for the Belt and Road Initiative. We will strive to play our part in the long-term and high-quality development of the financial and insurance industry of Shaanxi, and are committed to providing strong, reliable, trustworthy and forward-thinking insurance products and services to more families."
As the first joint-venture life insurance company to be established in China, MSL began operations in November 1996. Since then, MSL has grown significantly.
In addition to Shanghai and Beijing, it now operates in more than 50 cities in Guangdong, Zhejiang, Jiangsu, Sichuan, Shandong, Fujian, Chongqing, Liaoning, Tianjin, Hubei, Hebei and Hunan.