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China's Anbang says investor selection work under way

Published 05/28/2018, 08:14 AM
Updated 05/28/2018, 08:20 AM
© Reuters. People enter the office of Anbang Insurance Group in Beijing

BEIJING (Reuters) - China's Anbang Insurance Group [ANBANG.UL] said on Monday that the selection process for a strategic shareholder has begun, reiterating that it has ample cashflow and is operating normally after its state-backed bailout.

© Reuters. People enter the office of Anbang Insurance Group in Beijing

In April the banking and insurance regulator approved a60.8 billion yuan ($9.5 billion) state capital injection aimed at smoothing Anbang's transition as it sought private investors after its former chairman was sentenced to 18 years in jail amid Beijing's crackdown on financial risk.

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