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China Life Insurance Company Limited, the nation's biggest life insurer, is seeking a stake of Agricultural Bank of China, chairman of the company said.

 

Chairman Yang Chao told the press Sunday China Life is "willing to conduct capital cooperation with ABC and establish deep ties in terms of shareholding reforms and market listing."

 

In response, ABC President Yang Mingsheng said he holds an "optimistic attitude toward Yang Chao's expectations," adding that the bank will make early research into the issue of inviting strategic investors.

 

"Agricultural Bank offers China Life a chance," though the insurer has failed to become a stakeholder of other big state lenders, the president said.

 

Like some other domestic banks, the debt-laden ABC is planning the transformation into a joint-stock company and public listing to help streamline operations. The bank's long-running problems with irregularities and reckless lending are allegedly severe.

 

Under a WTO commitment, China is to fully open its financial market to foreign competition by the end of this year.

 

Agricultural Bank has been an agent for China Life insurance products for 15 years.

 

(Xinhua News Agency July 3, 2006)