Major US firm links up with CCB

Partners believe $740b pension industry has huge potential

Global financial investment management company Principal Financial Group Inc has partnered with China Construction Bank to seek opportunities in the country's huge but developing pensions market, which is currently worth more than $700 billion.

Daniel Houston, chairman and CEO of Principal Financial Group, said his company had signed a strategic cooperation agreement with CCB for a potential pension partnership in China and the two sides would assess what role the Iowa-based company would play.