PING AN WANTS 7% STAKE IN FORTIS

Chinese insurer Ping An, which recently raised its stake in Dutch-Belgian insurer Fortis to 4.99% from 4.18%, is aiming for a 7% stake in the medium-term, according to Fortis in its annual report, which was published yesterday. Ping An is developing ever-closer ties with Fortis, having agreed last month to buy half the Dutch-Belgian operation’s asset management business for €2.15bn. Fortis said in the report that “it intends to explore possible means to that end”, indicating that the permission required for Ping An to increase its stake above 5% would be forthcoming. Fortis also said that it would be exploring the possibility of “joint opportunities” with Ping An. Louis Geung Chi Yan has been appointed a Fortis board member, subject to approval at the April 29 annual general meeting. CEO Jean-Paul Votron said in the report that the appointment would “allow us to better understand the Asian markets”. Meanwhile, Fortis said that integration of the recently purchased ABN-Amro would be completed by the end of 2010.