Regulators approve Ping An deal to acquire Shenzhen Dev. Bank stake

14:19, May 05, 2010      

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China's Ping An Insurance (Group) Company said late Tuesday the China Securities Regulatory Commission (CSRC) has approved its plan to issue H-shares in exchange for shares in Shenzhen Development Bank.

The insurer, China's second largest, will issue 299.09 million H-shares to Newbridge Asia AIVIII L.P. in exchange for 520.4 million Shenzhen Development Bank shares held by Newbridge, Ping An said in a statement filed with the Shanghai Stock Exchange.

After the deal, Ping An will have a 30 percent stake in Shenzhen Development Bank and replace Newbridge as the bank's largest shareholder.

Ping An Insurance said it has received approval for the deal from the China Banking Regulatory Commission (CBRC), the China Insurance Regulatory Commission (CIRC) and the Ministry of Commerce (MOC).

But the deal still needs approval from other regulatory authorities, the statement added.



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