China's Ping An says Shenzhen Bank deadline extended

SHANGHAI Dec 25 (Reuters) - Ping An Insurance (Group) Co of China, which in June agreed to buy out Newbridge Capital's stake in Shenzhen Development Bank (000001.SZ) by the end of this year, said on Friday the deadline had been extended as the deal was still awaiting regulatory approval.

Ping An (2318.HK) (601318.SS), the world's second-biggest life insurer by market value, and Newbridge, a unit of U.S. private equity firm TPG Capital [TPG.UL], now aim to complete the deal by April 30, 2010, with an additional grace period of up to 180 days, Ping An said in a statement.

"Currently, the deal is going through the normal regulatory approval process," Ping An said. "Both sides are confident the transaction will be completed."

Ping An is buying control of Shenzhen Bank as part of Chairman Ma Mingzhe's plans to build the company into a financial conglomerate with insurance, banking and asset management as pillars of its business.

Both companies are based in China's southern boomtown of Shenzhen, near Hong Kong.

Ping An said on June 12 that it would buy up to 30 percent of Shenzhen Bank, including a 16.76 percent stake from the lender's biggest shareholder Newbridge and the remainder via a private share placement. [ID:nLC811874]

Ping An, hit by a 22.79 billion yuan impairment loss last year on its failed investment in Dutch-Belgian financial group Fortis FOR.AS, has said it would take a cautious stance on overseas acquisitions but has not pared back its ambitions in its home market. (US$1=6.832 Yuan) (Reporting by Samuel Shen and Edmund Klamann)