Willis Group Holdings said it has signed an agreement with China Development Bank (CDB), naming Willis as the bank's global risk management and insurance consultant.
Willis called the arrangement “an extraordinary example of the potential of the Chinese market,” but released no financial details.
The insurance broker said it is a major step to engaging the nation's banking industry. The company also said the agreement signals growing recognition in China of the need for insurance broking services.
Willis said it has 19 branches in 18 provinces covering all the major commercial centers of China.
CDB is a development-oriented financial institution of the Chinese government. Currently it has 32 branches and 4 representative offices throughout China.
Additional information on CDB may be found on its Web site at www.cdb.com.cn.
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