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China Life Insurance Co and Ping An Insurance (Group) Co, the country's two largest insurers, said they will each pay 5.45 billion yuan (US$710.62 billion) for shares of China Minsheng Banking Corp.

According to a signed agreement between the three parties, China Life and Ping An will each buy 714 million Minsheng shares for a respective stake of 4.93 percent.

China Life's stake will be subject to a 26-month lock-up period, while Ping An's stake is subject to a 12-month lock-up period, the companies said in separate statements.

Minsheng said in its statement that the China Banking Regulatory Commission finished checking its new shareholder qualifications.

Insiders said the purchase is a win-win situation for both sides.

A China Minsheng Banking Corp office in Shanghai. [newsphoto]

Minsheng's profit has grown 30 percent every year for the past six years, and buying shares directly from the bank provides a safer and cheaper investment for the insurance companies than investing in China's volatile stock market.

China Life and Ping An paid 7.63 yuan per share, but if they bought Minsheng's share directly from the market, they would have to pay around 11 yuan at current rates.

A highly placed manager at Minsheng, who asked not to be identified, said China Life and Ping An's shareholder status will help Minsheng standardize its management.

China Life and Ping An will gain two seats on Minsheng board and will be able to vote on the bank's business policy.

Meanwhile, Minsheng will benefit from having the country's two largest insurers in its board, the manger said.

China started allowing insurers to purchase stakes in commercial banks in 2005, prompting Ping An and China Life to embark on buying sprees.

Related readings:  Ping An eyes overseas financial, infrastructure sectors  Rules broaden insurers' investment channels  Minsheng Life gets nod for capital injection  Minsheng diversifies business

Last year, Ping An bought 89 percent of Shenzhen Commercial Bank and raised its stake in Shanghai Pudong Development Bank Co to 4.94 percent from 1.8 percent. HSBC Holdings Plc said in February that Ping An was buying its 27 percent stake in subsidiary Ping An Bank.

China Life last year bought 20 percent of Guangdong Development Bank for 5.67 billion yuan, getting access to 500 banking outlets to sell its insurance and investment products.

Minsheng said in March it was selling shares to seven corporate investors, including China Life and Ping An.

China Life's 2006 profit more than doubled on investment gains from the country's booming stocks, providing the insurer with capital to expand into other financial services. Ping An's profit almost doubled in 2006.

Bloomberg contributed to the story