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Insurer extends time to buy bank stake
By Zhang Fengming |
December 26, 2009, Saturday
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Print Edition
Print Edition
PING An Insurance (Group) Co yesterday said it will extend the deadline for its purchase of a stake in Shenzhen Development Bank by four months, and may even prolong it depending on when it gets regulatory approval.
The second-biggest insurer in China will extend the deadline to buy shares of the Shenzhen bank from Newbridge Capital to April 30 from next Thursday, it said in a filing to the Shanghai Stock Exchange yesterday. The insurer may also extend the deadline by another 180 days beyond April 30, pending regulatory approvals.
Shenzhen-based Ping An said in June that it would buy up to a 30-percent stake in the bank, including a 16.76-percent holding from the United States private equity firm, for 11.5 billion yuan (US$1.68 billion).
"Both parties are confident that the transaction will be completed, and it is now pending regulatory approval procedures," Ping An said in the filing.
Ping An is shifting its focus to the domestic market after a failed investment in Fortis, a Dutch-Belgian financial firm.
The Ping An group boosted its banking capability by merging Shenzhen Commercial Bank and Ping An Bank, a Sino-foreign joint venture, in 2007 to build up a three-pillar platform of insurance, banking and asset management.
Shenzhen Development Bank has tapped Newbridge's experience by launching several new products.
Moody's Investors has raised its rating on the bank. The rating firm raised its outlook on the bank's financial strength rating to positive from stable on the deal.
The second-biggest insurer in China will extend the deadline to buy shares of the Shenzhen bank from Newbridge Capital to April 30 from next Thursday, it said in a filing to the Shanghai Stock Exchange yesterday. The insurer may also extend the deadline by another 180 days beyond April 30, pending regulatory approvals.
Shenzhen-based Ping An said in June that it would buy up to a 30-percent stake in the bank, including a 16.76-percent holding from the United States private equity firm, for 11.5 billion yuan (US$1.68 billion).
"Both parties are confident that the transaction will be completed, and it is now pending regulatory approval procedures," Ping An said in the filing.
Ping An is shifting its focus to the domestic market after a failed investment in Fortis, a Dutch-Belgian financial firm.
The Ping An group boosted its banking capability by merging Shenzhen Commercial Bank and Ping An Bank, a Sino-foreign joint venture, in 2007 to build up a three-pillar platform of insurance, banking and asset management.
Shenzhen Development Bank has tapped Newbridge's experience by launching several new products.
Moody's Investors has raised its rating on the bank. The rating firm raised its outlook on the bank's financial strength rating to positive from stable on the deal.
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