AgBank says gets govt ok for Jiahe Life investment
HONG KONG Nov 20 (Reuters) - Agricultural Bank of China Ltd , China's No.3 lender, said on Tuesday it had received regulatory approval for its purchase of 51 percent of insurer Jiahe Life.
AgBank will pay 2.59 billion yuan ($420 million) for the stake in Jiahe Life, the bank said in a statement to the Hong Kong bourse, following approval from China's banking and insurance regulators. The investment had been announced in February.
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