News Regulations17 Oct 2018

China:Singapore's Temasek reportedly in talks about Anbang

17 Oct 2018

Singapore's state investment firm, Temasek Holdings, has held talks with Chinese authorities about acquiring a stake in Anbang Insurance Group as well as some of its assets, reports Bloomberg citing people with knowledge of the matter.

Temasek has been examining a potential deal for several months, the people said, asking not to be identified because the discussions are private. The investment firm isn’t currently in any active negotiations about an Anbang transaction, according to two people with knowledge of its deliberations.

“We do not comment on market speculations or rumors,” Temasek said in an emailed statement.

Shanghai-based China Insurance Investment, a body that’s owned by some of the nation’s biggest insurance firms, is also considering investing in Anbang and is also in talks with regulators in that regard, some of the people said.

The interest from Temasek and China Insurance Investment indicates Beijing is making progress trying to find strategic investors for Anbang which the authorities in February temporarily seized control of and to which they made a bailout loan of around $10bn. Anbang chairman Wu Xiaohui was sentenced in May to jail after he was convicted of fund-raising fraud and embezzlement.

Anbang rose from obscurity to become an aggressive overseas dealmaker acquiring assets, sometimes at excessive valuations, in the years leading up to the government intervention.


 

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