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Report: China Merchants Bank, Ping An Insurance vie for AirAsia leasing unit

The leasing arms of China Merchants Bank Co. Ltd. and Ping An Insurance (Group) Co. of China Ltd. are among the bidders for AirAsia Bhd.'s aircraft leasing unit, Reuters reported Dec. 8, citing "sources with knowledge of the process."

AirAsia is selling its majority stake in Asia Aviation Capital, which is valued at about US$1 billion.

The company has received about a dozen bids for the unit, mostly from Chinese firms. The first round of bidding closed earlier in the week of Dec. 5. One source said that potential buyers will start due diligence in a few weeks.

Ping An Insurance declined to comment, while there was no response from China Merchants Bank, Reuters said.