INDUSTRIAL and Commercial Bank of China said yesterday it will control French insurer AXA's Chinese joint venture, AXA-Minmetals Assurance Co.

ICBC will own 60 percent of the joint venture, AXA will hold 27.5 percent and Minmetals will take 12.5 percent.

The deal is subject to approval from relevant regulators. The insurer will be renamed ICBC-AXA Life Insurance Co Ltd on completion of the deal.

"ICBC's investment in AXA-Minmetals is an important initiative to promote the universal financial player strategy," ICBC Chairman Jiang Jianqing said.