AMP Limited is buying a 19.9 per cent stake in China Life Pension Company for A$240m as it expands its presence in the rapidly growing Chinese pensions market.
The Australian and New Zealand wealth management business said the deal would make AMP the first foreign company to buy a stake in a Chinese pensions company with licences to provide a full range of services.
China Life Pensions Company sells pension products to state-owned enterprises and private companies. It is majority owned by China Life Insurance Company, a group that has held a relationship with AMP since 2005.
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