China Construction Bank (CCB) (601939.SS) (0939.HK) has won approval to buy a combined 51 percent stake in Pacific Antai Life Insurance, the official Financial News reported on Monday.
China's No. 2 lender had won approval from the China Insurance Regulatory Commission to acquire a 50 percent stake from Dutch group ING (ING.AS) and a 1 percent stake from China Pacific Insurance (Group) Co. Ltd (601601.SS)(2601.HK), it said.
ING has agreed to sell its stake as part of a restructuring to cope with the credit crisis.
Pacific Antai Life Insurance was established in 1998 by China Pacific Insurance and Aetna Inc. The ING Group took over a 50-percent stake in Pacific Antai from Aetna in 2000.