Zurich Insurance : hunts for M&A targets in China

by swisscham in Bank, Finance, Insurance

Zurich Insurance Co Ltd is actively seeking merger and acquisition opportunities in China to fuel its business expansion, a company executive said on Thursday. “We are looking for appropriate M&A opportunities to boost our presence and expand our business scope,” said Stuart A. Spencer, chief executive officer of general insurance for the Asia-Pacific region. He said Zurich adopted a “defensive” stance during the global financial crisis. Now, thanks to a solid balance sheet, the company wants to be more aggressive. “We have no preference as to whether the target should be a domestic one or an international one having operations in China, but it should be a strategic and cultural fit with our business,” Spencer said. Last April, the China Insurance Regulatory Commission approved the Swiss company’s plan to transform its Beijing branch into a wholly owned subsidiary, making it easier to expand across the country. Spencer said the company has since submitted an application to the CIRC to open a branch in Shanghai.

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