China’s Anbang dismantling continues with new state-owned firm taking over insurance assets

China’s dismantling of the Anbang Insurance Group has continued with the newly established state-owned Dajia Insurance Group taking over its property and casualty insurance assets, the Chinese Banking and Insurance Regulatory Commission said on Thursday.Dajia is a joint venture between the China Insurance Security Fund, Sinopec Group and SAIC Motor, with a total investment of 20.36 billion yuan (US$3 billion), the Chinese Banking and Insurance Regulatory Commission (CBIRC) confirmed. It also… Source link

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Dismantling of troubled Chinese insurer Anbang continues as it sells bank stake for US$2.4 billion

Anbang Insurance Group is asking 16.8 billion yuan (US$2.4 billion) for its controlling stake in a commercial bank as the dismantling of one of China’s biggest private conglomerates continues. Anbang is opening up an auction to sell the 35 per cent stake it owns in Chengdu Rural Commercial Bank, according to a filing to the Beijing Financial Assets Exchange on Wednesday. The buyer will have to make sure half the agreed deal value is paid into a designated bank account within 10 working days of any deal, according to the…

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