CP Group expresses confidence in Ping An Insurance

business December 10, 2012 00:00

By The Nation

2,975 Viewed

Charoen Pokphand Group expresses confidence in Ping An Insurance Co Ltd, China's insurance firm which now becomes a part of the Thai conglomerate's empire.


In the first statement since the 15.57 per cent stake acquisition was announced, CP Group said that it has confidence in Ping An's management led by Dr.  Peter Ma who serves as the company's chairman.
 Ping An Insurance provides casualty, property, life insurance as well as financial services, and they are the China’s second largest insurance company. The company generates strong revenues with bright future. 
"Charoen Pokphand Group is pleased to have the opportunity to become a major shareholder in this company and hopes to explore the opportunity to create and develop new business ventures with Ping An in the future. Charoen Pokphand Group is confident that any business alliance which may be developed with Ping An will mutually benefit Ping An and Charoen Pokphand Group and its group companies," the group said in the statement.
CP Group last week agreed to buy the stake from HSBC Holdings at the cost of Us$9.39 billion or approximately Bt288 billion. 
The acquisition is being made partly with financial support from China Development Bank Hong Kong branch.