Market Chatter: China Regulator Approves BNP-Xiaomi-Volkswagen P&C Joint Venture

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Market Chatter: China Regulator Approves BNP-Xiaomi-Volkswagen P&C Joint Venture

MT Newswires Live11-07

China's National Financial Regulatory Administration approved the registration of a property and casualty insurance joint venture of BNP Paribas Cardif, Xiaomi (HKG:1810), and Volkswagen, Yicai Global reported Wednesday.

Beijing BNP Paribas Tianxing Property & Casualty Insurance, the JV, is part of BNP Paribas, while Xiaomi's stake is held through a tech affiliate incorporated in Sichuan, China, and Volkswagen's stake is held through a financial services affiliate, the report said.

The three firms did not disclose the size of their stakeholdings, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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