Anbang Insurance has sold its 35 per cent stake in a Chinese bank, the latest asset disposal by the conglomerate whose global shopping spree shook the world of private equity before its chairman was jailed for fraud.
China’s government formally took control of Anbang in February and in April injected $10bn into the company through an industry bailout fund. At the time, Anbang said it would eventually seek new investors, while maintaining the insurer’s status as a privately owned company.
In May, the Financial Times reported that regulators had hired China International Capital Corp and UBS as advisers to help unwind Anbang’s investments. A day later Anbang said it “currently” had no plans to sell assets.
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