|
BIZCHINA> Center
![]() |
|
Related
Ping An and Fortis reach final deal
(Xinhua)
Updated: 2008-04-05 10:14 Ping An Insurance, a major Chinese insurer, has acquired a 50-percent stake in the Belgian-Dutch financial services provider Fortis' asset management unit, Fortis Investments, for 2.15 billion euros ($306.29 million). Ping An and Fortis officially signed the final agreement in the south China city of Shenzhen to formally establish a global asset management partnership. Ping An said the deal would significantly advance its strategy to establish a global asset management business and a qualified domestic institutional investor (QDII). Fortis group chief executive Jean-Paul Votron said Fortis and Ping An shared a common strategic approach that included global ambitions. The combination of the two strong brands with the same strategic aims would bring significant added value to both sides. Shenzhen-based Ping An bought 4.18 percent of Fortis group for 1.81 billion euros in November last year, later increasing the stake to 4.99percent. The purchase, through the stock markets, made Ping An the biggest single shareholder of Fortis. The final agreement confirms the principal terms set out in the memorandum of understanding, which was signed in March. Fortis Investments will be re-named Fortis-Ping An Investment Management Group Holdings Ltd. Fortis hired Merrill Lynch to advise on the sale of a stake in the unit, while JP Morgan is representing Ping An. Fortis, based in Brussels and the Dutch city of Utrecht, is an international provider of banking and insurance services to personal, business and institutional customers. Ping An Insurance's net profit jumped 140 percent last year on record premium revenues. Net income hit 18.7 billion yuan ($2.67 billion) under international accounting standards. "The deal marks a closer cooperation between Ping An and Fortis. Ping An is to take the good opportunity establish the global asset management platform, and to become a world leading asset management company," said chief executive Ma Mingzhe. (For more biz stories, please visit Industries)
|
长沙县| 姚安县| 柳河县| 彭泽县| 平昌县| 即墨市| 垣曲县| 中西区| 日照市| 商都县| 西昌市| 蓬莱市| 巴彦淖尔市| 那曲县| 兴山县| 米泉市| 霍山县| 金沙县| 清流县| 和平区| 河南省| 邻水| 呼和浩特市| 盘山县| 隆德县| 海阳市| 镇巴县| 页游| 集贤县| 汉川市| 乐山市| 屏边| 林甸县| 丽水市| 南安市| 广汉市| 香港| 晋州市| 庆云县| 桂林市| 益阳市|