Merger Deadlock Between Ping An Bank, SDB

(Beijing) –China Ping An Insurance Group, the second largest insurer, is injecting the asset of its banking unit into Shenzhen Development Bank (SDB) and the share price of Ping An Bank is the point of contention, Caixin has learned.

The insurer holds a 90 percent stake in Ping An Bank and a 30 percent in Shenzhen Development Bank.

China International Capital Corporation, financial advisor to China Ping An Insurance, estimated that one Ping An Bank share was equal to 0.19 to 0.23 shares of Shenzhen Development Bank, while CITIC Securities, financial advisor to Shenzhen Development Bank, priced shares at 0.18 to 0.22 per SDB share.