Wednesday, September 07, 2011
Convoy Financial Services (1019) is boosting its mainland presence by speeding up acquisitions and planning to set up a training center for agents.
"Our acquisition of a Shenzhen-based insurance agency firm is expected to be completed in three weeks," said chairman Quincy Wong Lee-man.
The company also hopes to finish buying 70 percent of Beijing Bisheng Insurance Agency by December, Wong said.
Convoy aims to set up a training and logistics center in Nanjing, Jiangsu province, he added.
The firm earlier announced it would buy IPP Financial Services, one of the largest financial advisory companies in Singapore, for S$25 million (HK$161.24 million) in cash.
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Wong said it has obtained approval to offer Taiwan depositary receipts, but has yet to fix a timetable on issuing the notes.
He expects more business from next year as individuals are allowed to choose their own mandatory provident fund providers.
For the rest of the year, Convoy plans to add 100 agents in Hong Kong, taking the total to 1,500. Convoy shares rose 0.6 percent to HK$1.65 yesterday. NATALLIE CAI