China Life Insurance to Renew Deposit Agreements With China Guangfa Bank Until 2028

MT Newswires Live06-26 10:58

China Life Insurance (HKG:2628, SHA:601628) plans to renew its agreements with China Guangfa Bank for another two years, according to a Shanghai bourse filing on Friday.

The agreements are the current deposit and renminbi corporate call deposit agreements, which were previously signed in 2023 and are set to expire on July 14. The renewed deal will expire on July 14, 2028.

Under the deals, the insurance company's current business deposits with the bank will not exceed 9 billion yuan and the contracted call deposit accounts will be up to 10 billion yuan.

The company's Shanghai and Hong Kong shares both fell around 2% during the morning trade.

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