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ICBC (Asia) to increase stake in Taiping Insurance

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2008-12-19 15:16

Industrial and Commercial Bank of China (Asia) will spend 70.96 million yuan ($10.36 million) to acquire a 4.52-percent stake of Taiping Insurance Company Ltd, betting on the growth potential of the mainland's insurance sector.

Once the acquisition is completed, ICBC (Asia)'s stake in Taiping Insurance will increase to 12.45 percent, the bank said in a statement on Dec 18. The remaining shares are held by China Insurance Group and China Insurance International Holdings Company Ltd, who hold a 37.5-percent and 50.05-percent stake respectively.

Headquartered in Shenzhen, Taiping Insurance had a registered capital of 1.3 billion yuan as of the end of June.