Minsheng: It’s US$100m, not 100b yuan

BEIJING: China Minsheng Banking’s loans to Anbang Insurance Group amount to US$100 million, (RM427 million) and not 100 billion yuan (RM64 billion) as rumoured, said bank chairman Hong Qi to shareholders, adding that the loans are secure, local media Caixin reported.

The respected business magazine was among the first to reveal the size of loans made by midsized bank Minsheng to Anbang.

Minsheng spokesman Li Liming said the account of the shareholders’ meeting was correct.

Anbang, one of China’s most aggressive buyers of overseas assets, said last week chairman Wu Xiaohui was temporarily unable to fulfil his duties due to personal reasons.

Sources said Wu had been detained earlier in June.

Anbang has said Wu’s duties would be managed by other senior executives and that its business was operating normally.

Anbang Group is one of Minsheng Banking’s largest private shareholders.

Hong also said Minsheng would continue to sell Anbang’s insurance products, according to the Caixin report. Reuters