Standard Life has abandoned attempts to develop a joint venture with Bank of China (BoC).

The two had been in talks aimed at BoC acquiring a majority stake in the life and pensions provider’s Heng An Standard Life business.

The move would have given the company more growth potential in China, by allowing it to become a domestic, rather than a foreign, enterprise.

However, lengthy negotiations between the parties have broken down and the insurer says it will continue to develop Heng An Standard Life with Chinese state-owned investment agency, Tianjin TEDA International, its existing joint venture partner.

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