May 28, 2018 / 12:39 PM / 9 months ago

China's Anbang says investor selection work under way

People enter the office of Anbang Insurance Group in Beijing, China, February 23, 2018. REUTERS/Thomas Peter

BEIJING (Reuters) - China’s Anbang Insurance Group [ANBANG.UL] said on Monday that the selection process for a strategic shareholder has begun, reiterating that it has ample cashflow and is operating normally after its state-backed bailout.

In April the banking and insurance regulator approved a60.8 billion yuan ($9.5 billion) state capital injection aimed at smoothing Anbang’s transition as it sought private investors after its former chairman was sentenced to 18 years in jail amid Beijing’s crackdown on financial risk.

Reporting by Beijing Monitoring Desk; Editing by David Goodman

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