Ping An Insurance, China's second largest insurer, said the
nation's banking regulator has approved its plan to combine its two
banking units.
The insurance firm said on Thursday the China Banking Regulatory
Commission has approved the merger of its Shanghai-based Ping An
Bank with its Shenzhen Commercial Bank.
The new bank, called Shenzhen Ping An Bank, has branches in the
financial and business hub of Shanghai and the southeastern cities
of Shenzhen and Fuzhou.
Analysts said the consolidation will help the insurer, in which
HSBC holds a 19.9 percent stake, develop its banking business under
a single brand and provide it with a platform for further expansion
nationwide.
Ping An Insurance also runs a securities brokerage, and asset
and annuity management and trust businesses. Its total assets
reached 442 billion yuan (US$58 billion) at the end of 2006.
(Xinhua News Agency June 22, 2007)