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Money

Ping An gets regulatory approval on Shenzhen bank deal

(Agencies)
Updated: 2010-05-05 11:59
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Ping An Insurance (Group) Co of China 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.

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The Chinese insurer said the 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 green light 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.

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.