Cathay Financial Holding Co., Ltd. : Cathay Financial : China Grants Life Insurance Unit QFII License
03/01/2012| 05:33am US/Eastern
Cathay Financial Holding Co. (2882.TW) said Thursday that China has granted its life-insurance unit a qualified foreign institutional investor license, which will allow it to invest in yuan-denominated stocks and bonds in China.
The unit will need to seek separate approval from China for an investment quota under the QFII license.
Cathay Financial's asset-management unit secured a quota of US$100 million as a QFII investor in December.
-By Aries Poon, Dow Jones Newswires; 886-2-25022557; firstname.lastname@example.org