Financial Markets
Real Estate
Local listed Company
Overseas-listed Company
Foreign Company
Industrial Parks

Company - Domestic
 Search News  Or
Shenzhen Dev. to buyout Ping An Bank

Jan. 20, 2012 (China Knowledge) - Shenzhen Development Bank Co Ltd<000001>, a joint-stock commercial bank based in Shenzhen, Guangdong Province, said today it will spend RMB 2.7 billion or US$427.6 million to acquire the remaining 10% stake in Ping An Bank Co to become the sole owner of the lender.

In July last year, Shenzhen Development Bank issued RMB 29 billion worth of new shares to its parent company Ping An Insurance (Group) Co<601318><2318>, China's second-largest insurer by premium income, to acquire the 90% equities of Ping An Bank and RMB 2.7 billion in cash for the remaining 10%.

The issuer said it will acquire the 10% stake, or 798 million Ping An Bank shares, by paying shareholders RMB 3.37 apiece.

The shareholders of Ping An Bank, who do not want to receive cash, can opt to acquire one share of Shenzhen Development Bank at the expense of every 4.58 Ping An Bank shares.

Ping An Insurance (Group) currently hold a 52% stake in Shenzhen Development Bank, said a person familiar with the matter, adding that the parent firm expects to integrate its financial institutions via the restructuring.

Upon the completion of the restructuring, Shenzhen Development Bank will be renamed as Ping An Bank Co. The lender's President Richard Jackson has said the bank expects to over double its network size in the next five years after the restructuring.

At present, Shenzhen Development Bank has around 400 outlets, including those owned by Ping An Bank, nationwide, sources reported.

Add this     
Copyright © "2015"

Send feedback or comments to:

For more news, financial weekly reports, business guides to China, Market Research Reports and other premium information, subscribe to China Knowledge today

To access our page on Bloomberg, type CKFI (GO)

 Our Professional Services


 News Archive
About Us | CSR | Media Center | E-Newsletter | E-Store | Contact Us | Feedback | Sitemap | Privacy Policy | Terms of Use  

           Copyright © 2014 China Knowledge Online. All Rights Reserved