ICBC may purchase 70% of AXA-Minmetals Assurance

The Industrial and Commercial Bank of China (ICBC, 601398.SH, 1398.HK) may be in preparations to purchase 70% of the insurance firm AXA-Minmetals Assurance, MarketWatch reported, citing Shanghai Securities News. The reports, which originate from an unidentified source, claim that ICBC has submitted documentation for regulatory approval of a partial acquisition of the firm. AXA-Minmetals Assurance is currently 51% owned by AXA SA (CS.FR) and 49% owned by China Minmetals.