Money
Ping An plans to acquire Shanghai Securities
(Agencies)
Updated: 2010-05-07 16:22
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SHANGHAI - Ping An Insurance (Group) Co of China plans to acquire Shanghai Securities Co to strengthen its brokerage business in a deal analysts estimate is worth 7 billion yuan ($1 billion), the 21st Century Business Herald reported on Thursday, citing unidentified sources.
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The acquisition would help accelerate Chairman Ma Mingzhe's plans to build Ping An into a financial conglomerate with core businesses ranging from insurance and banking to investment, the paper said.
Ping An said on Wednesday that it received regulatory approval on its plan to acquire a stake in Shenzhen Development Bank.
