AgBank gets nod to acquire Jiahe

THE Agricultural Bank of China, the country's third-biggest lender, has received regulatory approval for its purchase of a 51 percent stake in Jiahe Life Insurance Co.

AgBank will pay about 2.6 billion yuan (US$412 million) for more than 1 billion shares of the Beijing-based insurer. And the transaction was recently approved by the China Banking Regulatory Commission and the China Insurance Regulatory Commission, the lender said in a statement yesterday. Jiahe Life Insurance has also received approval from the insurance regulator in relation to the changes of its registered capital, company name and place of business.

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