In 1998 , Zurich Group merged with British American Tobacco Financial Services to form Zurich Financial Services Group, which then successfully merged with British American Financial Services ( which included Eagle Star for property and casualty insurance and Allied Dunbar for life insurance ) and other internationally renowned financial services institutions in the United States , making the group even stronger and becoming one of the world’s top ten most famous financial and insurance groups.
Zurich Financial Services Group owns the following well-known brands and companies: United Dunbar, Eagle Star Group, Farmers Insurance Group, Zurich Group, Telenide, etc., with total assets of US$ 424 billion, premium income of 49 billion, 35 million customers, and 70,000 employees. Zurich Financial is a world-leading, internationally recognized global group engaged in financial insurance services. Its core businesses are non-life insurance, life insurance, reinsurance and asset management. Its business covers more than 50 countries and regions. With global strength, technology and understanding of local markets, the group has become one of the few truly global financial services groups in the world.
Are financial leasing companies considered financial institutions?
Finance refers to the circulation of monetary funds, which can be divided into direct finance and indirect finance. The difference between these two types of financing lies in whether there is a financial institution involved. If there is no financial institution, it is direct finance, and if there is, it is indirect finance. Financial institutions refer to intermediary organizations that specialize in monetary credit activities.
my country’s financial institutions can be divided into four categories according to their status and functions:
The first category is the central bank, namely the People’s Bank of China.
The second category is banks, including reform banks and commercial banks.
The third category is non-bank financial institutions, which mainly include state-owned and joint-stock insurance companies, urban credit cooperatives, securities companies, and financial companies.
The fourth category is foreign-funded, overseas Chinese-funded and Sino-foreign joint venture financial institutions established in China. The above financial institutions complement each other and form a complete financial institution system.
Bank-affiliated financial leasing companies are financial institutions and are regulated by the non-banking department of the China Banking Regulatory Commission (CBRC) .
Non-bank financial leasing companies are not financial institutions and are regulated by China’s Ministry of Commerce.
The simplest way to identify whether a financial leasing company is a financial institution is: the China Banking Regulatory Commission stipulates that financial leasing companies belonging to financial institutions must have the word ” financial leasing ” in their names , such as China Development Bank Financial Leasing Co., Ltd., Industrial and Commercial Bank of China Financial Leasing Co., Ltd., China Merchants Bank Financial Leasing Co., Ltd., and Minsheng Bank Financial Leasing Co., Ltd. There are many non-bank financial institutions, such as Far East Leasing and Global Leasing.
