Italy's two major financial institutions urged China to open up its financial se

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      Italy's two largest financial institutions, General I (GASI. MI) and Casa Deposit and Loan Bank (CDP), urged China on Wednesday to take more measures to open up financial services to Italian companies and other foreign-funded institutions.
Jaime Anchustegui, Director of International Business of Zhongli Insurance, said at the Sino-Italian Financial Forum in Milan that he hoped that foreign companies would be able to hold shares in China's life insurance business.
"We want foreign investors to have the opportunity to take control of the life insurance market..." Anchustegui said.
Earlier, Paolo Calcagnini, chief financial officer of Casa Savings and Loan Bank, made a similar appeal at the forum. Chinese banking executives and regulators attended the forum.
Italian insurance regulator IVASS and the China Banking Insurance Regulatory Commission signed a memorandum later Wednesday to facilitate information exchange.
IVASS Secretary-General Stefano De Polis said the two countries hope to strengthen cooperation on technological innovation in the insurance industry, the impact of climate change on risk assessment and sustainable finance.
"IVASS can share its experience in combating fraud and is interested in learning about the progress made by the Chinese government in managing and supervising digital insurance," De Polis said in a statement.


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