Caixin
Dec 13, 2018 05:33 AM
FINANCE

Anbang Seeks a Rich $2.44 Billion for Bank Stake

Anbang is asking 16.8 billion yuan for its 35% stake in Chengdu Rural Commercial Bank. Photo:VCG
Anbang is asking 16.8 billion yuan for its 35% stake in Chengdu Rural Commercial Bank. Photo:VCG

China’s Anbang Insurance Group Co., whose founder was imprisoned after the government took over the company earlier this year, has put its controlling stake in a rural bank up for sale to comply with regulations.

The embattled financial conglomerate is asking 16.8 billion yuan ($2.44 billion) for its 35% stake in Chengdu Rural Commercial Bank, according to a filing with the Beijing Financial Assets Exchange on Wednesday. The listing period will end Jan. 9, 2019, according to the filing.

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