September 10, 2010 (Chinavestor) China Life Insurance (NYSE:LFC), China's largest insurance company, wants to become a become a holding company for a Chinese bank as the insurance giant continues its bid to become a financial conglomerate with exposure to more businesses beyond life insurance. The Shanghai Securities News reported that China Life (NYSE:LFC) may look to make a move on a Chinese regional or national bank.
The company already owns slices of mid-sized lenders Guangdong Development Bank and China Minsheng Bank (SHA:60016), but those are not strategic investments. The China Insurance Regulatory Commission has relaxed rules on insurance firms looking to broaden their reach into areas of the financial services arena and will now allow Chinese insurance firms to become involved in private equity and real estate deals.
In addition to searching for bank deals, China Life (NYSE:LFC) is aiming to create a $2.21 billion venture capital fund in Suzhou, according to China Business News. Press reports did not mention specific banks that could be targets for China Life (NYSE:LFC).