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AgBank buys stake
Source: Xinhua |
February 12, 2011, Saturday
|
Print Edition
Print Edition
THE Agricultural Bank of China yesterday said it would pay 2.59 billion yuan (US$392 million) for a 51 percent stake in Beijing-based Jiahe Life Insurance Co.
The bank said its board of directors have approved its plan to buy 1.04 billion new shares issued by the insurer. Founded in December 2005, Jiahe's total assets reached 17.6 billion yuan by the end of 2010 and its premiums totaled 4.52 billion yuan last year.
The bank said its board of directors have approved its plan to buy 1.04 billion new shares issued by the insurer. Founded in December 2005, Jiahe's total assets reached 17.6 billion yuan by the end of 2010 and its premiums totaled 4.52 billion yuan last year.
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