American International Group (AIG) is seeking to expand its financial services in the mainland by setting its sights on the burgeoning fund management industry.
The move underlines the US group's vision to become a fully fledged financial operator in the mainland, taking advantage of the opportunities to be created with the country's expected entry to the World Trade Organisation.
Chairman Maurice Greenberg said yesterday, during the opening of its Shenzhen branch, that the group aimed to broaden its financial businesses from insurance to a variety of other areas.
'We will expand into mutual funds as soon as we are permitted.
'That will happen as the mainland opens new businesses and services [to foreign companies when it becomes a WTO member].' The green light may not be far away.
As part of the WTO deal, foreign financial institutions are given unprecedented access to the mainland's fund-management industry.
They are allowed to take a 33 per cent stake in fund management joint-venture companies.
