Shares in Ping An Insurance and Shenzhen Development Bank were suspended yesterday amid expectations Ping An would increase its stake in the medium-sized lender as it sought to expand its banking operations in China.
Following a disastrous 2007 investment in Fortis, the failed Dutch-Belgian financial group, Ping An has clearly shifted its attention to expanding in the domestic Chinese market, particularly in the banking sector where it is a relative newcomer.
TPG, the US private equity firm, owns a controlling stake of nearly 17 per cent of SDB through Newbridge, its Asia-focused subsidiary, and stands to make a return on its 2004 investment of more than 500 per cent on any shares it might sell to Ping An.
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