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British insurer Prudential, China's CITIC set up asset management JV in Beijing

BEIJING (Reuters) - British life insurance giant Prudential PRU.L and China's state-backed conglomerate CITIC Group 0267.HK have set up a joint venture asset management firm in Beijing, the city's financial authorities said on Thursday. The unit, Prudential-CITIC Asset Management Co, completed its business registration in Beijing on March 31, the Beijing Local Financial Supervision and Administration Bureau said in a statement, as the city continues to open up for foreign financial firms despite the coronavirus outbreak.

The unit was granted a business licence from China’s Banking and Insurance Regulatory Commission (CBIRC) earlier this year with a registered capital of 500 million yuan, according to the CBIRC.

Reporting by Cheng Leng and Ryan Woo; Editing by Alex Richardson

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