The RBC Insurance unit of Royal Bank of Canada said that it had opened a Beijing representative office of RBC Life Insurance Co.
The office will let RBC interact with governmental and regulatory bodies, do market research, and establish an RBC Insurance presence in the Chinese market, the company said on Thursday.
"This is the first step for RBC Insurance in entering the Chinese market," Neil Skelding, the president and CEO of RBC Insurance, said in a press release.
RBC Insurance got approval for the office June 7 from the China Insurance Regulatory Commission.
The office is in an RBC branch and will initially have a staff of two local employees.
