China approves BNP Paribas, Volkswagen joint venture, Prudential insurance unit

2024.10.18 00:14

HONG KONG (Reuters) – China has approved two more insurance units to be set up by BNP Paribas (OTC:) and Prudential Financial (NYSE:) in a move to further open up the local insurance market to foreign companies.

China’s National Financial Regulatory Administration (NFRA) has approved the creation of a joint venture between BNP Paribas and Volkswagen (ETR:) Financial Service, Li Yunze, the head of the regulator said on Friday at a financial forum in Beijing.

U.S.-based Prudential Financial has been approved to set up an insurance asset management firm in Beijing, Li said.

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