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China PICC takes majority stake in top trust firm

Thu Oct 16, 2008 9:17pm EDT

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BEIJING, Oct 17 (Reuters) - The parent company of PICC Property & Casualty (2328.HK), China's top non-life insurer, took over a stake of 32.35 percent in China Credit Trust Co. from the Ministry of Finance, the Financial News said on Friday.

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The paper said that the Finance Ministry transferred PICC Group its state shares in the trust firm in a move to scale back direct government controls over the credit and trust industry.

It didn't say PICC needs to pay for the stake.

China Credit Trust, a leading trust firm in the country, is a controlling shareholder of Harvest Fund Management Co., which is 20 percent owned by Deutsche Bank (DBKGn.DE).

PICC, which is 9.9 percent owned by American International Group (AIG.N), in August reported a loss for the first half of the year as natural disasters in China drove up catastrophe claims. (Reporting by Eadie Chen; Editing by Keiron Henderson) (eadie.chen@reuters.com; +8610 6627 1268; Reuters Messaging: eadie.chen.reuters.com@reuters.net))

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