Anbang To Get 60.8 Billion Yuan As Bailout
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2018-04-04 HKT 13:09
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The mainland's banking and insurance regulator has approved a 60.8 billion yuan capital injection for Anbang Insurance Group.
This comes more than a month after the government seized control of the insurer and prosecuted its chairman, Wu Xiaohui.
According to a statement, a non-government bailout insurance security fund will temporarily take a stake in Anbang. The insurer then will start the selection of new, private investors.
The statement said large private companies in elderly care, healthcare and fintech are welcome to take part in the restructuring, and that the private nature of the company will remain the same.
Anbang‘s registered capital remains at 61.9 billion yuan after the injection.
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