An "innovation fund" to stimulate individuals and institutions making achievements in theory or product innovation in the insurance sector was launched on April 7. The Insurance Institute of China, and Japan's fourth-largest property and casualty insurer Nipponkoa Insurance Co teamed up to launch the fund. Nipponkoa Insurance made the  first donation, which totalled 1 million yuan (US$125,000). (China Daily)

Agricultural Bank of China, the country's fourth-largest bank, recently signed a co-operation memorandum with CITIC-Prudential Fund Management Company in an effort to improve its medium service income. Agricultural Bank of China will gain all-round co-operation in regards to selling the fund's products, and it will help Prudential Group apply for the QFII (qualified foreign institutional investor) qualification and wealth management training. (China Daily)

BANCO Bilbao Vizcaya Argentaria SA (BBVA), Spain¡¯s second-largest bank, is in preliminary talks to acquire minority stakes in China Minsheng Banking Corp. and China Merchants Bank Co., the El Economista reported, citing people close to the situation. (Shenzhen Daily)

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