Sompo Ja­pan, Bank of Shang­hai to ally

The Pak Banker - - Company& -

TOKYO: Ja­pan's ma­jor non-life in­surer Sompo Ja­pan In­surance Inc. will form a sales part­ner­ship with China's Bank of Shang­hai, a news­pa­per said Sun­day.

Sompo Ja­pan, a unit of NKSJ Hold­ings Inc., and the ma­jor Chi­nese com­mer­cial bank will an­nounce the deal as early as Mon­day, the Nikkei busi­ness daily re­ported.

As a first step, the Chi­nese arm of Sompo Ja­pan will sell in­surance prod­ucts through Bank of Shang­hai to cor­po­rate clients in Jan­uary, the news­pa­per said.

Sompo Ja­pan aims to shore up its earn­ings base by tap­ping de­mand in the fast-grow­ing Chi­nese mar­ket, while Bank of Shang­hai will earn sales com­mis­sions and ac­quire Ja­panese in­surance know-how, it said.

The part­ners will also jointly de­velop med­i­cal in­surance for the wealthy in China, it added. -PB News

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