Cathay Fin finds new partner for Chinese insurance JV
TAIPEI, April 23
TAIPEI, April 23 (Reuters) - Shanghai Lujiazui Finance & Trade will take over the 50 percent stake of Cathay Financial Holdings' insurance tie-up in China from China Eastern Airlines.
Cathay Financial had been seeking a buyer to take over the stake for months. Having the new partner would help it better expand in the mainland's huge but competitive life insurance market.
The transaction has gained Chinese regulatory approval, Cathay Financial said in a statement late on Tuesday.
Shares of Cathay Financial rose 0.3 percent by 0145 GMT, trailing the broader market's 0.4 percent advance. Shares in Shanghai Lujiazui were down 1.8 percent. (Reporting by Faith Hung; Editing by Michael Urquhart)