London-based British multinational life insurer, Prudential Plc., centring its focus on providing insurance, investment management alongside other financial products and service employing 23,308 workers across the globe, had been in an advanced stage talk to take full control of its equally shared joint venture with Chinese insurer, CITIC, a source close to the dialogues that took place over the weekend had unveiled on Thursday, the 6th of February 2020, on condition of anonymity as the source was not authorized to speak publicly over the issue.
Apart from that, a number of Chinese local newspaper were quoted the source as saying earlier on Thursday (February 6th) that the London-based multinational insurer had also been looking to a potential sell-off of some or all of its assets in the United States in a bid to centre its focus more on to the Asian market.
In point of fact, a latest change in Chinese foreign investment legislations that came into effect on January 2020, had made it possible for the British life insurer to own all of its CITIC joint venture. However, although Prudential Plc.
had yet to make a formal application for a complete ownership of the JV, it had been probing on whether its plan could win approval from the Chinese authorities, said the source.