Anbang Offloads Brokerage to State-Owned Consortium
After three months of searching, the government group tasked with dismantling the short-lived empire of troubled insurer Anbang Insurance Group Co. Ltd. has shed the brokerage firm Century Securities.
On Sept. 12, state-owned Xiamen International Trade Group Corp. Co. Ltd. announced that it has formed a consortium with state-owned peer Shenzhen Qianhai Financial Holdings Co. Ltd. to jointly acquire Anbang’s 91.65% stake in Century Securities. They will pay a minimum of 3.6 billion yuan ($524 million), according to Qianhai’s filing (link in Chinese) with the Shanghai Stock Exchange.
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