May 16, 2023 05:29 AM

FINANCE

Taiping Life Pays $431 Million for Anbang’s Stake in Zheshang Bank

By Wu Yujian and Han Wei

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Zheshang Bank was set up in 2004 with a mission to serve small and micro businesses in its home Zhejiang province

Zheshang Bank was set up in 2004 with a mission to serve small and micro businesses in its home Zhejiang province

Taiping Life Insurance Co. Ltd. paid 3 billion yuan ($431 million) to acquire 6.33% of China Zheshang Bank in one of the final steps in the disposal of assets of the now-defunct private conglomerate Anbang Insurance Group.

Taiping Life purchased 1.35 billion of Zheshang’s shares from Traveler Automobile Group, becoming the third-largest shareholder of the Hangzhou-based lender, according to data from an asset auction platform operated by JD.com.

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