Ping An Insurance, the world's second-largest insurer, has agreed to buy a further 32 percent stake in Shenzhen Development Bank. The insurer already holds almost 30 percent.
The deal will cost Ping An 29 billion yuan and give it a controlling stake in the Chinese lender. Ping An will fund the deal using cash and by selling its entire stake in Ping An Bank.
The deal will lead to the merger of the insurer's banking unit with Shenzhen Development Bank, giving Ping An control with a total net asset value of 46 billion yuan.