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China Life Insurance Co Ltd has become the biggest single shareholder in China Minsheng Banking Corp, the country's first private bank, after buying 714 million new shares.

The country's largest life insurer overtook New Hope Investment Co Ltd by possessing a 6.17-percent stake in the Shanghai-listed bank.

China Ping An Life Insurance Co Ltd also purchased 714 million new shares and became the fourth biggest single shareholder.

China Life held a 4.93 percent stake in Minsheng as at the end of 2006.

China Minsheng Banking Corp. raised 18.16 billion yuan (US$2.36 billion) by issuing 2.38 billion new shares exclusively to seven investors, said a statement from the bank.

Putting the two listed insurance firms in the ranks of the top 10 shareholders would help China Minsheng improve its governance structure and expand its business, said the statement.

But private firms, such as New Hope Investment Co Ltd and Sichuan Nanfang New Hope Industry Co Ltd, both of which are subsidiaries of New Hope Group, remained major shareholders.

The two private firms, which subscribed for 487.9 million shares in total, have a combined 10.72 percent stake in the bank.

A previous statement from the bank said the capital would be used to improve the bank's capital adequacy as its capital adequacy ratio, the measure of its own capital in proportion to its outstanding loans, dropped to 8.12 percent last year from 8.26 percent in 2005.

The bank plans to allocate funds to branches in cities where its business and profits are most likely to expand and to set up more branches across the country "step by step".

Investment will be increased to develop its retail banking business.