07:27 AM EDT, 10/18/2024 (MT Newswires) -- Prudential Financial ( PRU ) has received approval from China's National Financial Regulatory Administration to set up an insurance asset management firm in Beijing, Reuters reported early Friday, citing the regulator.

BNP Paribas and Volkswagen Financial Services also received approval from the regulator to create a joint venture in the country, the report added, citing Li Yunze, the head of the regulator speaking at a Beijing financial forum.

Prudential, BNP, and Volkswagen did not immediately respond to MT Newswires' requests for comment, while the National Financial Regulatory Administration could not be immediately reached.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)