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Euler Hermes signs agreement with Bank of China Insurance
Paris, 10 December, 2007
Euler Hermes, the world's leading credit insurer and member of the Allianz group, and the Bank of China Insurance Co. Ltd. (BOCI) have signed a trade credit insurance cooperation agreement.
The agreement is designed to give corporate clients of the Bank of China (BOC) access to easy financing options by signing an insurance contract with their group insurance company BOCI. Euler Hermes will provide BOCI with reinsurance cover. As a next step, Euler Hermes¡¯ multinational clients will benefit from this cooperation program.
BOCI was formerly the Shenzhen Branch of Bank of China Group Insurance Company Limited. In 2005, BOCI was founded in Shenzhen and the headquarters moved to Beijing in 2006. Now BOCI holds a nationwide insurance license in China. BOCI currently counts eleven branch offices in the main provinces of China. By the end of this year, BOCI will have opened five additional branches. BOCI is a member of the Bank of China group and one of the fastest growing insurance companies in China. Bank of China, China¡¯s third largest bank, is listed on the Hong Kong and Shanghai stock exchanges.
"We are delighted to have found such a strong partner as BOCI, in addition to our fruitful partnership with Allianz in China¡°, says Clemens von Weichs, Chairman of the Euler Hermes management board. ¡°Euler Hermes already holds a strong position in Asia. Every further step in this promising region allows us to improve the service and support for our clients.¡±
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