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CMB falls on stake deal
Print Edition
China Merchants Bank fell in Shanghai trading yesterday after it said Chinese insurer Anbang Insurance Group bought additional shares worth 13.7 billion yuan (US$2.3 billion) in block trades on Monday.
Anbang bought an extra 1.13 billion Shanghai-traded shares of Shenzhen-based CMB at an average price of 12.07 yuan each, said a CMB filing to the Shanghai Stock Exchange.
Anbang now holds about 5 percent of the total share capital of CMB, becoming the fourth-biggest shareholder of the country’s sixth-biggest lender.
CMB shed 0.63 percent to 11.02 yuan in Shanghai yesterday.
China International Capital Corp, the country’s largest investment bank, said in a report yesterday that Anbang may continue to raise its stake in CMB for a seat on the bank’s board.
Anbang raised its stake in CMB from 1.57 percent to 2.79 percent during the third quarter of last year.
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