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PICC to take 32.35% stake in China Credit Trust

(Agencies)
Updated: 2008-10-16 16:25

The Ministry of Finance will transfer its entire 32.35 percent stake in China Credit Trust Co to the People's Insurance Company of China (PICC) at zero cost, reported a Chinese financial newspaper.

The transaction won approval from the State Council, or China's cabinet, the report said.

It said the move is intended to help develop PICC, which owns Hong Kong-listed PICC Property & Casualty Co, as a financial holding group, facilitating a mainland group listing by the country's top non-life insurer.

China Credit Trust is the controlling shareholder of Shenzhen-based Guodu Securities, as well as China Credit Futures.

It also has a fund joint venture with Deutsche Bank AG. Harvest Fund Management Co is 48 percent owned by China Credit Trust, with Deutsche Bank holding 19.5 percent.

Earlier, media reports said China Life Insurance Co, the country's largest life insurer, was likely to purchase a controlling stake in China Credit Trust.

In July, China's insurance regulator given its approval to China Credit Trust to obtain an 1.8 percent stake in China Life Pension Co, a unit of China Life.

China Credit Trust said it booked a first-half net profit of 257 million yuan ($37.63 million), with assets totaling 4.12 billion yuan at the end of June.