
May
05
Ping An gets Approvals to Acquire Shenzhen Development Bank Stake
Posted on May 05, 2010 by Sergio Ulloa (G+)
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