AVIC, Groupama to build JV in China
The Aviation Industry Corporation of China (AVIC) has signed a letter of intent with the Groupama Group, the third biggest multi-line insurer and the leading mutual insurer in France to jointly establish a property insurance company in China, announced AVIC Wednesday.
The joint venture is expected to be formally initiated in the first half of 2011, according to AVIC. The registered capital will be 500 million yuan ($75.34 million) and both parties will hold 50 percent of stakes.
The JV will help AVIC to provide more reliable supportive services to its customers, expanding the aviation industry chain.
Groupama has 38,500 employees serving 16 million members and customers world-wide.
