China Life plans 10% acquisition of Huishang Bank

China Life Insurance (Group), one of China's biggest insurance groups, has announced plans to buy a 10% stake in Huishang Bank, the Asian Wall Street Journal reports. China Life Insurance has been increasing its investments in Asia since March 2006, when new regulations widened investment opportunities in the banking and infrastructure sectors.

In November 2006, the company agreed, through a deal with Citigroup, to acquire a 20% stake in Guangdong Development Bank for US$723 million. Other plans in China Life's diversification strategy include the possible acquisition of a commercial bank in Zhuhai.