ICBC Joined Forces with AXA and Minmetals to Expand in China Insurance Market Together

On October 28, 2010, Industrial and Commercial Bank of China Co. Ltd (ICBC), AXA and China Minmetals Corporation (Minmetals) have reached agreement on the equity transfer of AXA-Minmetals Assurance Co. Ltd (AXA-MM). ICBC will join hands with AXA and Minmetals to achieve a great alliance to create a leading brand in China life insurance market by leveraging its advantages in channel outlets, customer base, brand influence as well as AXA's rich experience in global insurance product development and risk management.