An­bang Insurance buys into China Mer­chants Bank

China Daily (Hong Kong) - - BUSINESS DIGEST -

An­bang Insurance Group, the Chi­nese in­surer said to be balk­ing at the ask­ing price for Hong Kong’s Wing Hang Bank Ltd, bought a stake val­ued at $2.1 bil­lion in China Mer­chants Bank Co. An­bang pur­chased 1.13 bil­lion Shang­hai-traded shares of China Mer­chants Bank, rais­ing its stake to about 5 per­cent, ac­cord­ing to a Hong Kong stock ex­change fil­ing by the Shen­zhen-based lender on Wed­nes­day. China Mer­chants Bank didn’t dis­close the price, which was val­ued at 12.5 bil­lion yuan ($2.1 bil­lion) based on yes­ter­day’s clos­ing price. “Judg­ing by the size of the in­vest­ment, this is more than a port­fo­lio in­vest­ment,” Du Changchun, an an­a­lyst at North­east Se­cu­ri­ties Co in Shang­hai, said by tele­phone.

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