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PICC to take 32.35% stake in 皇冠体育app Credit Trust

(Agencies)
Updated: 2008-10-16 16:25

The Ministry of Finance will transfer its entire 32.35 percent stake in 皇冠体育app Credit Trust Co to the People's Insurance Company of 皇冠体育app (PICC) at zero cost, reported a Chinese financial newspaper.

The transaction won approval from the State Council, or 皇冠体育app's cabinet, the report said.

It said the move is intended to help develop PICC, which owns Hong Kong-listed PICC Property & Casualty Co, as a financial holding group, facilitating a mainland group listing by the country's top non-life insurer.

皇冠体育app Credit Trust is the controlling shareholder of Shenzhen-based Guodu Securities, as well as 皇冠体育app Credit Futures.

It also has a fund joint venture with Deutsche Bank AG. Harvest Fund Management Co is 48 percent owned by 皇冠体育app Credit Trust, with Deutsche Bank holding 19.5 percent.

Earlier, media reports said 皇冠体育app Life Insurance Co, the country's largest life insurer, was likely to purchase a controlling stake in 皇冠体育app Credit Trust.

In July, 皇冠体育app's insurance regulator given its approval to 皇冠体育app Credit Trust to obtain an 1.8 percent stake in 皇冠体育app Life Pension Co, a unit of 皇冠体育app Life.

皇冠体育app Credit Trust said it booked a first-half net profit of 257 million yuan ($37.63 million), with assets totaling 4.12 billion yuan at the end of June.