American International Assurance's (AIA) Shanghai branch signed an agreement with Guangdong Development Bank's (GDB) Shanghai branch on Feb. 20, pledging to cooperate in commissioned insurance, credit card services, client resource sharing and professional training.

According to the agreement, all branch units of GDB (Shanghai) will act as sales agents for insurance products authorized by AIA (Shanghai), the Feb. 22 Zhongguo Jingji Shibao (China Economic Times) reported.

Anyone purchasing AIA insurance products who meets certain eligibility requirements will be able to enjoy general financial services, including the ability to apply for GDB's credit card, spend on credit, automatically transfer money to pay insurance fees and receive various insurance payments. The two sides will also work together to develop new businesses through shared client resources, the story explained.

Founded in October 1992, AIA was the first foreign-funded life insurance company in China. It provides the people of Shanghai with life insurance, accident insurance, health insurance, and other products and services. AIA already has entered into cooperation agreements with the Bank of China (Shanghai) and China Communications Bank (Shanghai). American International Group, AIA's parent company, previously had signed a comprehensive cooperation agreement with the Bank of China.