Once-highflying financial empire Anbang Insurance Groupis set to sell the remainder of its 55.5% stake in a rural bank to a local government, spinning off one of the group’s largest assets, previously used to facilitate high-profile investments at home and abroad, reported Caixin.
Two local state-owned enterprises (SOEs) in Chengdu, the capital city of Southwest China’s Sichuan province, will purchase a combined 20.5% stake in Chengdu Rural Commercial Bank, the lender said in a Friday statement.
The stake will be transferred from 10 shareholders actually controlled by Anbang, said Caixin sources. Last month, Anbang sold a 35% stake in the bank to another Chengdu SOE.
The announcement of the upcoming deal, which comes nearly two months after the Chinese government ended its two-year takeover of Anbang, marks the latest asset shed by the scandal-ridden titan under regulator instructions.