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AgBank gets nod to acquire Jiahe
By Hu Xiaocen |
November 21, 2012, Wednesday
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Print Edition
Print Edition
THE Agricultural Bank of China, the country's third-biggest lender, has received regulatory approval for its purchase of a 51 percent stake in Jiahe Life Insurance Co.
AgBank will pay about 2.6 billion yuan (US$412 million) for more than 1 billion shares of the Beijing-based insurer. And the transaction was recently approved by the China Banking Regulatory Commission and the China Insurance Regulatory Commission, the lender said in a statement yesterday. Jiahe Life Insurance has also received approval from the insurance regulator in relation to the changes of its registered capital, company name and place of business.
AgBank will pay about 2.6 billion yuan (US$412 million) for more than 1 billion shares of the Beijing-based insurer. And the transaction was recently approved by the China Banking Regulatory Commission and the China Insurance Regulatory Commission, the lender said in a statement yesterday. Jiahe Life Insurance has also received approval from the insurance regulator in relation to the changes of its registered capital, company name and place of business.
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