Ping An Gets Regulatory Approval for Shenzhen Bank Purchase

HONG KONG (Reuters) – Ping An Insurance (Group) Co of China (2318.HK)(601318.SS) said it had received approval from China Securities Regulatory Commission (CSRC) on its plan to issue H-shares in exchange for shares in Shenzhen Development Bank (000001.SZ).

The Chinese insurer said CSRC had approved its plan to issue 299.09 million H-shares in exchange for 520.4 million shares of Shenzhen Development Bank held by Newbridge Capital.

Ping An Insurance also got a greenlight from the China Insurance Regulatory Commission, the Ministry of Commerce, and the China Banking Regulatory Commission, it said in a statement, adding that the deal is still subject to approval from other regulatory authorities.

For statement click here

Ping An said in June last year that it would buy up to 30 percent of Shenzhen Development Bank, including a 16.76 percent stake from the lender’s biggest shareholder, Newbridge, and the remainder via a private share placement. [ID:nTOE5BN08K] (Reporting by Donny Kwok; Editing by Ken Wills)