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Taiwan's Cathay Life JV obtains mainland approval to prepare for Beijing branch

Taipei (XFN-ASIA) - Cathay Financial Holdings Co (2882.TW)

said the joint venture formed by its wholly owned unit Cathay Life Insurance

Co Ltd with a partner in mainland China has secured regulatory approval there

to prepare for opening a new branch in Beijing.

Under existing laws, another license will have to be issued for the actual opening of a new branch.

Cathay Life and the China Eastern Airlines Group formed the joint venture in Shanghai in early 2005.

In today's trade in Taipei, Cathay Financial closed down 3.40 twd, or 4.06 pct, at 80.40.