|
China Life to buy shares of local commercial bank |
|
|
|
|
Written by Administrator
|
|
Tuesday, 07 November 2006 |
|
BEIJING, Nov. 7 (InfoChina) – China Life Insurance Co., Ltd. (NYSE: LFC, HK: 2628) plans to buy shares of a Chinese local commercial bank, according to a source quoted by Xinhua-run Shanghai Securities News.
“China Life contacted with the commercial bank on the share-buying issue last month and now the company has entrusted Deloitte to carry out due diligence investigation on the commercial bank”, said a source with the commercial bank, adding that his bank is to choose share buyers based on its self-developing strategy and the final stake structure ought to beneficial to the bank’s future development. The best choice is that the two companies are mutually complementary in business. If the transaction with the aforesaid commercial bank is carried out, it will be China Life’s another action to join hands with commercial banks, which has just become the largest strategic investor in the A-share and H-share initial public offering (IPO) of the Industrial and Commercial Bank of China (ICBC) with 4 billion yuan and 6.4 billion Hongkong dollars respectively. |