CHINA’S PING AN INSURANCE, SSB CLARIFY INTEGRATION PLAN RUMOURS

Ping An Insurance Group Co (SSE:601318, SEHK:2318) and Shenzhen Development Bank (SDB, SSZ:000001) have jointly issued a statement to clarify rumors that their integration plan has been withdrawn by Shenzhen Banking Regulatory Bureau, Shanghai Securities News reported Monday.

Ping An Insurance said the acquisition plan is being examined in accordance with the original plan. As of now, the two sides haven’t received any notice of rejection, the newspaper reported.

According to SDB, the report about the plan withdrawal has no basis since no authorities with the bank have accepted any interviews, the newspaper said.

Ping An Insurance and SDB announced in September that Ping An will cost 29.1 billion yuan (US$4.35 billion) to subscribe SDB’s new shares with its 90.75 per cent shares in Ping An bank and cash.. After the deal, Ping An would hold a 52 per cent stake in SDB, becoming the bank’s controlling shareholder, said the news report.