PING AN MULLS GUANGZHOU COMMERCIAL BANK BUY

Chinese insurer Ping An Insurance (Group) is mulling the acquisition of Guangzhou Commercial Bank, according to local reports. Guangzhou Commercial Bank has been looking for strategic investors since 2004 after a series of difficulties had left it on the verge of bankruptcy Sincocast reported. Ping An is reputedly keen to expand its banking operations and is said to be considering an acquisition through its Shenzhen Ping An Bank arm. Guangzhou Commercial Bank meanwhile has been in talks with HSBC, The Bank of East Asia (BEA), and China Development Bank, Sinocast said. In the past Ping An has looked at deals with Shenzhen Development Bank, Shenzhen Commercial Bank, Guangdong Development Bank, and Guangzhou Rural Credit Union. Only the Shenzhen Commercial Bank deal came to fruition creating Shenzhen Ping An Bank.