CHINA Minsheng Banking Corp. vice chairman Lu Zhiqiang said he’s acting alone as he boosts his stake in bank and dismissed speculation that his moves may signal a looming tussle for ownership with the bank’s largest shareholder, Anbang Insurance Group Co.

    Lu’s purchases of about US$1.1 billion in stock since July 11 through his China Oceanwide Holdings reflected his confidence in Minsheng, the “reasonable” price of the shares, and Oceanwide’s long-term strategy of becoming a financial conglomerate, he said Tuesday.

    “I will not act in concert with anyone,” said Lu. He said he had “a lot of respect” for Anbang and had agreed with the insurer on “many aspects” of the bank’s development.

    Lu rejected recent reports that compared the stake building at Minsheng with the situation at China Vanke Co. The tussle over the property firm has included an obscure conglomerate, Baoneng Group, emerging as the biggest shareholder last year, management complaining of a “hostile takeover” and, in the latest twist, complaints by Vanke to the securities regulator and the Shenzhen Stock Exchange. The comparison with Vanke suggested that some were “over sensitive” to his stock purchases, Lu said.

    Anbang, Minsheng’s biggest shareholder since 2014, is known for a buying spree including an aborted bid for Starwood Hotels & Resorts Worldwide Inc. that would’ve been the largest Chinese acquisition of a U.S. firm. Besides Anbang’s global investments, the company’s real estate and financial services holdings in China include a stake in Vanke.

    Speculation that a battle could be looming at Minsheng has been fueled by Lu’s doubling of his shareholding to 4.6 percent, a deal struck last month by two shareholders — Orient Group and Huaxia Life Insurance — to act in concert, and a looming board reshuffle. (SD-Agencies)