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Provider: Thomson Reuters Stock Report
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Provider: Thomson Reuters Stock Report
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Provider: Reuters Investment Profile
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Provider: Reuters Investment Profile
$20.00

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Ping An Insurance Group Co Of China Ltd Says To Up Stake In Ping An Bank Co Ltd-Reuters


Sunday, 8 Sep 2013 08:49pm EDT 

Reuters reported that Ping An Insurance Group Co Of China Ltd said it planned to raise its stake in Ping An Bank Co Ltd for CNY14.8 billion ($2.4 billion). Ping An Insurance will acquire up to 1.32 billion new shares of Ping An Bank at CNY11.17 per share, raising its stake in the bank to 59% from 52.38%, the insurer said in a filing to the Hong Kong stock exchange. The Shenzhen-listed bank will use the proceeds to replenish core capital and increase its capital adequacy ratio so as to meet the capital regulatory requirements. 

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