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          Money

          Ping An plans to acquire Shanghai Securities

          (Agencies)
          Updated: 2010-05-07 16:22
          Large Medium Small

          SHANGHAI - Ping An Insurance (Group) Co of China plans to acquire Shanghai Securities Co to strengthen its brokerage business in a deal analysts estimate is worth 7 billion yuan ($1 billion), the 21st Century Business Herald reported on Thursday, citing unidentified sources.

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          Ping An plans to acquire Shanghai Securities Ping An makes no changes in buying into SDB

          Ping An's broking unit Ping An Securities plans to buy 100 percent of Shanghai Securities from local government-owned Shanghai International Group, which is selling the stake to meet regulatory requirements, the paper said.

          The acquisition would help accelerate Chairman Ma Mingzhe's plans to build Ping An into a financial conglomerate with core businesses ranging from insurance and banking to investment, the paper said.

          Ping An said on Wednesday that it received regulatory approval on its plan to acquire a stake in Shenzhen Development Bank.

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