FORTIS SAYS PING AN LOOKING TO RAISE ITS STAKE

China’s Ping An Insurance is seeking to further raise its stake in Belgo-Dutch financial group Fortis, according to the European institution’s recent annual report. Fortis says that Ping An, China’s second largest life insurer, is hoping to secure a holding of around 7%. It currently holds a 4.99% stake after paying $3.4 billion for the asset management arm of Fortis in March to add to the original 4.19% stake that Ping An purchased for $2.7 billion back in November 2007. The report says that: “Ping An has declared that it ultimately wishes to obtain a 7% shareholding in Fortis and Fortis has stated that it intends to explore possible means to that end.” Fortis chief executive Jean-Paul Votron also added that Ping An’s current investment will entitle the insurer to a non-executive director’s seat on the Fortis board with Ping An group president Louis Cheung Chi Yan expected to nominated for the position.