Anbang Raises Stake in Merchants Bank

(Beijing) – A Shenzhen-based insurance company has been brought into the spotlight after making a record-setting purchase of China Merchants Bank (CMB)'s shares in a block trade this week.

The insurance company, Anbang Property & Casualty Insurance Co., is not publicly traded. Its latest available financial statement shows its total assets under 90 billion yuan as of December 31, 2012.