FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo
Taiping Life Insurance Co. Ltd. paid 3 billion yuan ($431 million) to acquire 6.33% of China Zheshang Bank in one of the final steps in the disposal of assets of the now-defunct private conglomerate Anbang Insurance Group.
Taiping Life purchased 1.35 billion of Zheshang’s shares from Traveler Automobile Group, becoming the third-largest shareholder of the Hangzhou-based lender, according to data from an asset auction platform operated by JD.com.
