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BEIJING, Jan 4 - The securities unit of Ping An Insurance Co , China's No. 2 insurer, is planning a fund management venture with Singapore-based UOB Asset Management, the China Daily reported on Friday.
The newspaper quoted an unnamed source at Ping An Securities as saying the plan has been in the works for a long time but had still not been submitted to regulators for approval.
The report comes after United Overseas Bank, Singapore's second-largest lender, last month set up a locally incorporated bank in China.
A consortium led by Ping An Group invested nearly $2.2 billion last month in an express railway link between Beijing and Shanghai, marking the first major infrastructure investment by a group of Chinese insurers.
The mainland's insurance industry is moving to broaden its business activities to secure higher returns in the face of mounting policy obligations.
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