Ping An Insurance (Group), the world's second-biggest life insurer by market value, will gain a majority share of Shenzhen Development Bank (SDB) after a protracted two-year process of gradually acquiring larger stakes in the bank. The latest acquisition, which will increase Ping An's holding in SDB to more than 50%, was approved with conditions by China Securities Regulatory Commission (CSRC). Ping An's banking arm, Ping An Bank, will offer 7.825 billion of its shares (90.75% of total shares) and 2.69 billion yuan in cash (equivalent in value to 9.25% of the total worth of Ping An Bank's stock) to buy 1.638 billion of SDB's non-publicly traded shares. After the deal goes through, Ping An Bank will become a subsidary of SDB.

Source
Southern Daily

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