SHANGHAI - Ping An Insurance (Group) Co of China plans to acquire Shanghai Securities Co to strengthen its brokerage business in a deal analysts estimate is worth 7 billion yuan ($1 billion), the 21st Century Business Herald reported on Thursday, citing unidentified sources.
Ping An's broking unit Ping An Securities plans to buy 100 percent of Shanghai Securities from local government-owned Shanghai International Group, which is selling the stake to meet regulatory requirements, the paper said.
The acquisition would help accelerate Chairman Ma Mingzhe's plans to build Ping An into a financial conglomerate with core businesses ranging from insurance and banking to investment, the paper said.
Ping An said on Wednesday that it received regulatory approval on its plan to acquire a stake in Shenzhen Development Bank.>
