China Life looking at overseas banks, says chairman

China Life Insurance Co is studying overseas acquisition targets, including banks, after deciding not to bid for the Asian unit of American International Group Inc, chairman Yang Chao said on March 3 in Beijing, reports Bloomberg.
The report said buying assets in other countries in the current global financial climate is "risky" although it also brings opportunities, he told reporters at the annual meeting of the Chinese legislature’s advisory body. Chinese companies and banks have spent an estimated US$100 billion (RM372.75 billion) buying up assets in, or making loans to, countries from Russia to Venezuela this year, taking advantage of foreign rivals’ need to raise money.