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Anbang Insurance to off-load Chengdu Rural Commercial Bank stake

Anbang Insurance Group Co. Ltd. is selling its 35% stake in Chengdu Rural Commercial Bank Co. Ltd., Reuters reported, citing a filing to the Beijing Financial Assets Exchange.

The insurer, which is controlled by the Chinese government, could fetch about 16.5 billion yuan from the sale of 3.5 billion Chengdu Rural shares. The government has been selling Anbang's assets since it took over the company in February 2018 as part of a campaign to trim financial risk.

Anbang's stake sale could attract interest from Chengdu Xingcheng Investment Group Co. Ltd., a government-controlled investment vehicle, according to an earlier report by Caixin. Chengdu Rural and Chengdu Xingcheng did not respond to Reuters' requests for comment.

The move marks Anbang's second attempt to off-load its Chengdu Rural interest. In January 2019, the insurer shelved its plan to sell its interest in the bank.

Meanwhile, 10 other shareholders are off-loading 2.05 billion shares of Chengdu Rural, Caixin reported.

The Beijing Financial Assets Exchange will conduct an auction if it receives multiple bids for the Chengdu Rural stake. The process will conclude Feb. 1.

As of Jan. 1, US$1 was equivalent to 6.96 Chinese yuan.