Fidelity has appointed former AIA, AXA veteran Pierre-Emmanuel Brard to bolster its insurance business in the region.
After they used false certificates to prove they had minimum requirements to apply to be insurance agents.
Temporary measures are extended until September 2022.
It helps the bank with its ‘strategic priority of being a leading wealth manager in Asia’.
A rule change in early 2021 opened up the China market to foreign insurers.
The deal is a “key step” for the banking giant to grow its wealth business across Asia.
Ping An Insurance, a stock held by hundreds of mutual funds and ETFs in the region, has fallen 10% in 2018. What risks does the company face?
Banks and insurance companies are best positioned to benefit from the growth of emerging market economies and demographic changes, argues William Palmer, co-head of emerging and frontier market equities team at Barings.