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China Taiping (00966) unit acquires 4.78% in rural bank
15 Mar 2019
(Infocast News) On 15 March 2019, Taiping Life Insurance (TPL), a non-wholly-owned subsidiary of China Taiping Insurance (00966), entered into a Share Transfer Agreement to buy 414.904 million shares of Shanghai Rural Commercial Bank Co., which will represent 4.78% of the total number of shares of the bank after completion of a 2018 Private Placement, from Shenzhen Legend Science Park Company at a consideration of RMB2.863 billion.

A joint stock commercial bank incorporated in the PRC on 23 August 2005 and headquartered in Shanghai, the bank has assets totalling over RMB800 billion and has about 400 branches.

(WL)
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