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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China backs insurer Ping An's acquisition plan AFP - Wednesday, May 5 Send IM Story Print China backs insurer Ping An's acquisition plan SHANGHAI (AFP) - – Chinese regulators have approved a plan by Shenzhen-based powerhouse Ping An Insurance to buy a stake in Shenzhen Development Bank from US private equity firm TPG, Ping An said Wednesday. Shenzhen Development Bank, also based in the booming city neighbouring Hong Kong, is one of the few local banks licensed to operate nationwide with more than 300 branches across China. Ping An agreed in June to buy up to 30 percent of Shenzhen Development Bank by buying a 16.76 percent stake from the lender's biggest shareholder Newbridge Capital, the Asian arm of TPG, and through a separate private share placement. On Wednesday Ping An said the China Securities Regulatory Commission had approved a plan to issue 299.09 million Hong Kong-listed shares in exchange for 520.4 million shares of Shenzhen Development Bank held by Newbridge. Ping An aims to build itself into a financial conglomerate with insurance, banking and asset management divisions. Ping An, which previously held less than five percent of Shenzhen Bank, had to extend the deadline for the 3.2-billion-dollar proposal from the end of 2009 to April 30 as it awaited regulatory approval. The company has now also received a green light from the China Insurance Regulatory Commission, the Ministry of Commerce and the China Banking Regulatory Commission, it said in the statement to the Shanghai Stock Exchange. Recommend Send IM Story Print Related Articles Russia's TNK-BP creates JV to tap Iraqi oil and gas Reuters - 59 minutes ago ADCB in final stage talks to buy RBS' UAE assets-source Reuters - 1 hour 4 minutes ago CORRECTED - CORRECTED-UK forex broker ODL to be acquired by US peer Reuters - 1 hour 7 minutes ago Russian rouble falls to 2-mth low of 30 vs dollar Reuters - 1 hour 8 minutes ago GM hires former Hyundai marketing chief Reuters - 1 hour 13 minutes ago News Search Top Stories GM recalls 162,000 Hummers over hood fault Lack of sleep linked to early death: study Euro falls under $1.29 Euro economy to grow, but fears persist over markets European stocks extend losses, euro hits 1-year low More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended BP deploys giant 'dome' to stem oil spill Euro falls under $1.29 United, Continental forge world's biggest airline 'Ice broken' at climate meet, but progress glacial Depression 'treatable by electromagnetic therapy' More Most Viewed » Aliens may exist but contact would hurt: Hawking Apple engineer loses iPhone prototype French driving veil row escalates Airlines want compensation as Europe's skies reopen More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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