December 31, 2019 / 9:13 AM / a month ago

China's Anbang Insurance looks to sell stake in Chengdu Rural -filing

BEIJING, Dec 31 (Reuters) - China’s Anbang Insurance Group Co has put up for sale its 35% stake in Chengdu Rural Commercial Bank with a price tag of 16.5 billion yuan ($2.37 billion), a filing to the Beijing Financial Assets Exchange showed.

The sale comes as China attempts to tame financial and credit risks among the country’s smaller lenders and a slew of asset sales by Anbang, once among China’s most aggressive overseas dealmakers.

The planned stake sale, priced at 16.8 billion yuan on the same exchange in December 2018, was removed in January without explanation from Anbang or the exchange.

$1 = 6.9611 Chinese yuan renminbi Reporting by Cheng Leng, Tony Munroe, and Beijing Monitoring Desk; editing by Jason Neely

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