Ping An buys into SDB
Published: 29 Jun 2009 17:02:01 PSTShareholders of Shenzhen Development Bank (SDB) approved the sale of 370 to 585 million shares to Chinese insurer Ping An yesterday.
The deal is worth 10.68 billion yuan ($1.56 billion) and the issued shares will have a lockup period of three years.
SDB is a medium-sized lender with over 200 branches across the country.
The acquisition will help build the banking network of Ping An over the next five to 10 years.
(Agencies)
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