ANBANG Insurance Group, which was taken over by the government last year, said it has put its 35 percent stake in Chengdu Rural Commercial Bank up for sale for 16.5 billion yuan (US$2.4 billion), its second attempt to offload the lender. The planned sale, revealed in an exchange filing Tuesday, comes as regulators attempt to tame financial and credit risks among the country’s smaller lenders while Anbang, once among China’s most aggressive dealmakers, conducts a slew of asset sales. Anbang tried to sell Chengdu Rural Commercial Bank for 16.8 billion yuan in December 2018, only to withdraw the offer in January without explanation. Potential investors include Chengdu Xingcheng Investment Group, a local government-backed investment vehicle, according to one source familiar with the matter and financial news outlet Caixin. In February 2018 the government seized control of Anbang as part of a campaign to curb financial risk in the aftermath of a massive asset-buying spree by a handful of private sector conglomerates. Five regional banks in China have been hit by management or liquidity problems this year. Anbang is the biggest shareholder of State-owned Chengdu Rural Commercial Bank. In the event of multiple bids for Anbang’s stake in the bank, the Beijing Financial Assets Exchange will conduct an auction that will conclude Feb. 1, the filing said.(SD-Agencies) |