China Construction Bank and Bank of China Jointly Launch the “Golden Year No. 1” Enterprise Annuity Plan Product

China Construction Bank (“CCB” or the “Bank”) and Bank of China have jointly launched “Golden Year No.1”, a standardized enterprise annuity plan which targets at small and medium enterprise clients.  The product presentation conference will be held at the same time in both Xiamen and Ningbo.  The plan is initiated by CCB, which will also act as the depository and account manager.  Bank of China will be the trustee, while Bosera Asset Management, Fortis Haitong Investment Management Co Ltd and China Southern Fund Management Co Ltd will be the investment managers.  Characterized by simple application procedures, standardized management, stable gain, low cost, flexibility and high autonomy, the plan is said to be the first-of-its kind jointly offered by large-scale commercial banks in Mainland China.

 

By adopting unified contract terms, management service logistics and standardized investment portfolio, the “Golden Year No. 1” enterprise annuity plan product provides clients with systematic and standardized enterprise annuity plan solutions, thereby reducing the time for setting up annuity plans and minimizing the cost of investment management, and eventually enhancing the management efficiency. The plan does not have a fixed minimum requirement on the collection of annuity fund.  Any enterprise that fulfils the criteria set forth in the Trial Measures for Enterprise Annuities and has set up an annuity plan is eligible for this plan.  The plan is particularly suitable for small and medium enterprises that have medium-scale corporate annuity funds.  The plan’s depository, trustee and investment manager will take up the legal person status so they can all fufill the scrutinizing role and fully protect the legal benefits of trustor and beneficiary. 

 

The plan is named as the “Golden Year No. 1”, deriving from the phrase “content with healthy ageing”.  It has reflected fully the goal and aim of “the aged living blissfully with fruitful provision” in which CCB wishes to benefit all beneficiaries in the annuity service.  The brand “Golden Year” has manifested the theme of CCB which is “ People-oriented, Serve Wholeheartedly”.