9th Sep 2009 10:03
Standard Life - an important development in China
Standard Life is pleased to announce that the Chinese Regulators are in the final stages of approving a business combination whereby Bank of China would take a majority stake in Heng An Standard Life*. The company would then become a domestic insurance company. The commercial details, together with any further approvals required, are now being discussed between the parties.
Bank of China has excellent distribution strengths and there continues to be significant growth potential across the fast developing life insurance industry in China. On successful conclusion of the negotiations we expect to establish a strong strategic and value enhancing partnership between Standard Life, our partner Teda International and Bank of China. A further announcement will be made when appropriate.
*Heng An Standard Life is a 50/50 joint venture partnership between Standard Life and Teda International.
9 September 2009
Enquiries:
Duncan Heath, Investor Relations 0131 245 4742
Barry Cameron, Media Relations 0131 245 6165
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