Anbang Insurance has started the selection process for a strategic shareholder, reiterating that it has ample cashflow and is operating normally after its state-backed bailout.
In April, China’s banking and insurance regulator approved a Rmb60.8 billion (US$9.5 billion) state capital injection aimed at smoothing Anbang’s transition, as the firm sought private investors after its former chairman was sentenced to 18 years in jail amid Beijing’s crackdown on financial risk.
A Bloomberg report said the Chinese government has already picked CICC and UBS to advise on the potential disposals of Anbang’s assets.
Anbang said earlier this month that an interim working group has been meeting investment banks as it reviews all of the company’s overseas assets.
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