Ping An Insurance says to up stake in Ping An Bank for $2.4 billion

Reuters

Ping An Insurance (Group) Co of China Ltd <2318.HK> said it planned to raise its stake in Ping An Bank Co Ltd <000001.SZ> for 14.8 billion yuan ($2.4 billion).

Ping An Insurance will acquire up to 1.32 billion new shares of Ping An Bank at 11.17 yuan per share, raising its stake in the bank to 59 percent from 52.38 percent, the insurer said on Sunday in a filing to the Hong Kong stock exchange.

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The Shenzhen-listed bank will use the proceeds to replenish core capital and increase its capital adequacy ratio so as to meet the capital regulatory requirements.

For statement clicks http://www.hkexnews.hk/listedco/listconews/sehk/2013/0908/LTN20130908047.pdf ($1 = 6.1205 Chinese yuan)

(Reporting by Donny Kwok; Editing by Stephen Coates)