Quick Take: Minsheng Bank President Says Loans to Anbang Total $100 Million
China Minsheng Bank President Hong Qi said the bank has loaned $100 million to Anbang Insurance Group, which owns 15.5% of the Chinese bank.
“That’s all we’ve lent (to Anbang), with guarantees and collateral,” Hong said Friday at the bank’s shareholder meeting in Beijing.
The midsize bank will continue to sell Anbang’s insurance products that have been approved by the insurance regulator.
“We’re not going to halt business ties (with Anbang), but we will keep an eye on how things go,” Hong said.
Minsheng has said it plans to sell up to 6 billion yuan ($881.2 million) of Anbang’s financial products this year.
Anbang, the scandal-ridden insurer who aggressively shopped overseas assets, said Wednesday that its chairman Wu Xiaohui would no longer perform duties for personal reasons. Anbang has said Wu’s duties would be managed by other senior executives. No further details have been revealed.
Hong said Anbang’s personnel change has had limited impact on the lender, as the bank’s transaction volume and its share price have stayed relatively stable.
Shares of Minsheng Bank rose 0.87% to 8.1 yuan on Monday in Shanghai.
Contact reporter Leng Cheng (firstname.lastname@example.org)
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