ACFSMCAll China Federation of Supply and Marketing Cooperatives
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NH said ACFSMC planned to launch an insurance company with up to 1.5 billion yuan or about $236.7 million in initial capital with NH Property and Casualty Insurance owning a stake of below 20 percent in the local company.
"Given ACFSMC interest in striking acquisition deals, NH Life Insurance could start its Chinese business earlier than scheduled."
Deputy Secretary-General of Iran's Central Chamber of Cooperatives Ebrahim Tehrani presided the Iranian side and while the Chinese delegation was headed by Li Chingue, the head of China's Federation of Supply and Marketing Cooperatives (ACFSMC).