Friday, April 27, 2018

Anbang seeks advice on potential divestments

Anbang Insurance is in the process of interviewing investment banks to advise on potential asset divestments, according to people familiar with the matter.

Anbang is currently under management of the Chinese government, and its former chairman is being investigated for allegations of fraud.

Sources said the insurer intends to tap the services of an adviser that will manage the sale of parts of its portfolio.

Some bankers were reportedly in Beijing earlier this month to pitch to officials from Anbang and the Chinese banking and insurance regulator.

The sources likewise said advisers may also help the company find new investors to buy a stake in it.

 

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