Anbang Insurance Group Co. Ltd. racked up a 22 percent stake in Minsheng Banking Corp. Ltd. (01988.HK, 600016.CN) in a series of offshore deals last year, the Hong Kong Economic Journal reported Wednesday.
The transactions, made from November 2014, boosted Anbang’s holding of Minsheng Bank A shares more than 12 times, the report said, citing the official People’s Daily.
Anbang was established in 2004 with a registered capital of 500 million yuan (US$80 million).
Since then, its assets have grown to more than 1 trillion yuan and its capital base to 60 billion yuan.
Anbang is under the spotlight as a major shareholder of Minsheng Bank, which has been rocked in recent days by corruption-related resignations involving senior executives.
The company operates a trust business and holds multiple licenses for banking, fund management and insurance.
It has numerous financial and real estate projects that make it function like a holding company rather than an insurance business, the report said.
Anbang rustled up 15 billion yuan in two months to buy New York’s Waldorf Astoria Towers last year in addition to its purchase of a Belgian bank and Belgian insurer FIDEA.
Anbang has a complex ownership structure that has largely shielded it from prying mainland media, the report said.
Translation by Vey Wong
– Contact us at [email protected]