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Report: Chinese insurer Anbang selling US$2.4B bank stake

Government-controlled Chinese insurer Anbang Insurance Group Co. Ltd. off-loaded a 35% stake in Chengdu Rural Commercial Bank Co. Ltd. for US$2.4 billion, the Financial Times reported, citing a Chinese filing.

The deal is the latest in a line of planned divestments by Anbang, which the Chinese government seized control of in February 2018.

Bloomberg News reported in November 2018 that the insurer had hired Bank of America to handle the planned sale of its U.S. luxury hotel portfolio, and in the same month The Globe and Mail of Toronto reported that it was looking to sell four Bentall Centre office buildings in Vancouver, Canada. It also emerged in October that Anbang was looking to sell Dutch insurer VIVAT NV, which it bought in 2015.

Anbang reduced its stakes in China's largest banks in 2017, the FT noted.