Ping An Insurance (Group) Co. extended the deadline in its transaction to buy a 22 billion yuan ($3.22 billion) stake in Shenzhen Development Bank Co. (SDB) to June 28, the two companies said Wednesday.
China's second-largest insurer's additional plan to further raise its stake in SDB by 10.68 billion yuan ($1.56 billion) still needs regulatory approvals from relevant government departments and the agreement for Ping An to buy private equity firm TPG Newbridge Capital's 17 percent stake in SDB will be settled on December, 31, said SDB.
After completing the transaction, SDB's core capital adequacy ratio will reach 7 percent and may provide more opportunities for SDB to leverage supplementary capital. |
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