May

5

Ping An gets Approvals to Acquire Shenzhen Development Bank Stake

 By Sergio | Published May 05, 2010

Ping An Insurance Group Company (PAIGC) has recently announced that the China Securities Regulatory Commission (CSRC) has approved their proposed plan to issue H-shares in exchange for shares in Shenzhen Development Bank.

As the second largest insurer in China, PAIGC is now readying the issuance of 299.09 million H-shares to equity investment firm Newbridge Asia AIV III LP in exchange for 520.4 million shares of Shenzhen Development Bank held by Newbridge, according to the statement filed with the Shanghai Stock Exchange.

Towards the end of 2004 Newbridge Asia AIV III LP had acquired a minority stake in Shenzhen Development Bank from four Chinese state-owned units.

Once this share transfer is completed, Ping An will hold a 30 percent stake, replacing Newbridge as the largest shareholder of Shenzhen Development Bank.

In regards to the deal mentioned above, Ping An has already obtained the approval of the China Banking Regulatory Commission (CBRC), the China Insurance Regulatory Commission (CIRC) and the Ministry of Commerce (MOC).

A formal announcement will be issued, once the remaining approvals from other regulatory authorities are obtained.

Insurance Company mentioned:

Ping An

Ping An Insurance (Group) Company of China, Ltd. (Ping An) is engaged in providing a range of financial products and services. The Company focuses on three businesses: insurance, banking and investment. The Company operates in five business segments: life insurance business, property and casualty insurance business, banking business, securities business, corporate and other businesses. The Company’s subsidiaries include Ping An Life Insurance Company of China, Ltd. (Ping An Life), Ping An Property & Casualty Insurance Company of China, Ltd. (Ping An Property & Casualty), China Ping An Trust & Investment Co., Ltd. (Ping An Trust), Ping An Securities Company, Ltd. (Ping An Securities), Ping An Bank Co., Ltd. (Ping An Bank), Ping An Annuity Insurance Company of China, Ltd. (Ping An Annuity) and Ping An Health Insurance Company of China, Ltd. (Ping An Health), among others.

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Comments

3 Responses to “Ping An gets Approvals to Acquire Shenzhen Development Bank Stake”

  1. Ping An se aprobaciones adquiere una participación shenzhen banco de desarrollo on May 6th, 2010 1:48 pm

    [...] Ping An Insurance Group Company (PAIGC) ha anunciado recientemente que la Comisión Reguladora de Valores de China (CRVCh) ha aprobado su propuesta de plan para emitir acciones H a cambio de acciones en Shenzhen Development Bank. URL del artículo original http://www.globalsurance.com/blog/ping-an-gets-approvals-to-acquire-shenzhen-development-bank-stake-... [...]

  2. Ping An Achieves Bumper Profits in the First Half of 2010 : International Insurance News on August 30th, 2010 5:21 pm

    [...] acquiring a 30 percent stake in Shenzhen Development Bank, combined with their efforts to promote their own banking services, Ping An Insurance reported [...]

  3. Merger of Ping An and Shenzhen Development Banks Cleared : International Insurance News on September 16th, 2010 3:51 pm

    [...] this year, Ping An group had obtained approval from the Chinese authorities to acquire a stake in Shenzhen Deve…. Once the private placement has been completed, the stake of Ping An group in the Shenzhen [...]

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