Anbang Grabs $2.2B Stake In China Merchants Bank

Law360, New York (December 11, 2013, 3:17 PM EST) -- China's Anbang Insurance Group Co. Ltd. spent $2.2 billion to bring its China Merchants Banks Co. stake to 5 percent, the lender said late Tuesday, suggesting the insurer could be hunting for new banking targets as its bid for a Hong Kong lender reportedly collapses.

In the transaction, Anbang through its property and casualty insurance unit scooped up 1.26 million shares in China Merchants Bank, the country's sixth-largest based on assets, according to a filing made with the Shanghai exchange.

Analysts said the size of the...
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