China’s Anbang Insurance to sell bank stake for $2.44b

Anbang Insurance has sold its 35 percent stake in a Chinese bank, the latest asset disposal by the conglomerate whose global shopping spree shook the world of private equity before its chairman was jailed for fraud.

Anbang’s stake in the Chengdu Rural Commercial Bank for $2.4 billion will be sold at an auction conducted by the Beijing Financial Assets Exchange.

China’s government formally took control of Anbang in February and in April injected $10 billion into the company through an industry bailout fund.

Anbang will remain in government control until early 2019 as part of its bailout plan.