Shareholders nod
Source: Xinhua |
November 3, 2010, Wednesday
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Print Edition
Print Edition
PING An Insurance (Group) Co, China's second-largest insurer, said its plan to buy 1.64 billion shares from the Shenzhen Development Bank was approved on Monday by its shareholders.
The insurer would pay 2.69 billion yuan (US$402 million) in cash and inject 90.75 percent of its stake in its banking unit, Ping An Bank, into the Shenzhen-based lender for the agreement.
The deal is yet to be approved by the insurance regulator, said a statement on the company's website.
The insurer would pay 2.69 billion yuan (US$402 million) in cash and inject 90.75 percent of its stake in its banking unit, Ping An Bank, into the Shenzhen-based lender for the agreement.
The deal is yet to be approved by the insurance regulator, said a statement on the company's website.
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