January 26, 2015 / 12:46 PM / 5 years ago

China's Anbang Insurance raises stake in Minsheng Bank

BEIJING, Jan 26 (Reuters) - Anbang Insurance Group Co, the Chinese insurance company that is buying New York’s famed Waldorf Astoria hotel, raised its stake in the country’s biggest private lender for the ninth time in the last three months.

Anbang raised its stake in China Minsheng Banking Corp Ltd to 19.28 percent last week, according to a disclosure published on Monday by the Hong Kong Stock Exchange.

For Anbang, which is spending more on real estate and financial services investments, it was the ninth share increase in China Minsheng over the last three months.

China Minsheng shares gained 1 percent in Shanghai trading to close at 10.49 yuan. The stock has gained about 70 percent over the last three months.

In December, the Beijing-based insurer raised its stake in Chinese property firm Financial Street Holdings Co to 20 percent, while increasing its shareholding in China Merchants Bank Co Ltd to 10 percent.

Anbang, which offers insurance and asset management, also has been active overseas. In October, the insurer agreed to pay $1.95 billion for the Waldorf Astoria.

Two months later, Dutch insurer Delta Lloyd NV agreed to sell its Belgian banking operations to Anbang for 219 million euros ($245.78 million).

Anbang was founded in 2004 by seven companies including state-owned Shanghai Automotive Industry Group Corp and Sinopec. ($1 = 0.8910 euros) (Reporting By Matthew Miller; editing by Susan Thomas)

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