After the transaction is completed, the company will hold about 6.729 billion shares of Guangfa Bank, and its shareholding ratio will increase from 20% to 43.686%, making it the single largest shareholder.
In 2006, Guangfa Bank successfully completed the reform and reorganization, introduced world-class foreign-funded enterprises such as Citigroup and IBM Credit, and powerful domestic well-known enterprises such as China Life Insurance, State Grid and CITIC Trust, and the newly introduced investor team obtained the controlling right and management right of Guangdong Development Bank.
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China guangfa bank was established in September 1988 with a registered capital of RMB114.08 million, and its headquarters is located at No.713, Dongfeng east road, Yuexiu district, Guangzhou, China. With the approval of the People's Bank of the State Council and China, Guangdong Development Bank, as a pilot bank for financial system reform in China, was established on the beautiful Pearl River and is one of the earliest joint-stock commercial banks in China.
China Life Insurance (Group) Co., Ltd. is a state-owned super-large financial insurance enterprise, headquartered in Beijing, one of the top 500 enterprises in the world, one of the top 500 Chinese brands, and a national vice-ministerial unit. ? The company's predecessor was the former China People's Insurance Company, which was established in 1949. In 1996, it was divided into PICC Life Insurance Co., Ltd., and changed its name to China Life Insurance Company in 1999.
On March 1 March, 2065438, China Life announced that it had signed relevant acquisition agreements with Citigroup and IBM Credit, and planned to acquire 3.648 billion shares of Guangfa Bank held by the latter at a price of 6.39 yuan per share, with a total consideration of about 23.30.10.20 billion yuan. After the transaction is completed, the company will hold about 6.729 billion shares of Guangfa Bank, and its shareholding ratio will increase from 20% to 43.686%, making it the single largest shareholder of Guangfa Bank.
References:
China guangfa bank-Baidu encyclopedia
China Life Insurance-Baidu Encyclopedia