China. Principal links up CCB to design Pension Plan
Global financial investment management company Principal Financial Group Inc has partnered with China Construction Bank to seek opportunities in the country’s huge but developing pensions market, which is currently worth more than $700 billion.
Daniel Houston, chairman and CEO of Principal Financial Group, said his company had signed a strategic cooperation agreement with CCB for a potential pension partnership in China and the two sides would assess what role the Iowa-based company would play.
“We have great confidence in the nation’s huge pension market, and we remain optimistic that we can evolve the memorandum of understanding into a more meaningful long-term relationship,” said Houston, adding that they are considering a second joint venture with CCB Pension Management.
CCB and the National Council for Social Security Fund set up the nation’s first professional pension management company－CCB Pension Management －in 2015, in which CCB holds 85 percent of the stock, with SSF holding the balance.
Full Content: China Daily
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