Ping An (Chinese: 中国平安; pinyin: Zhōngguó Píng Ān), abounding name Ping An Allowance (Group) Aggregation of China, Ltd. is a captivation aggregation whose subsidiaries mainly accord with insurance, banking, and banking services. The aggregation was founded in 1988 and has its address in Shenzhen and Shanghai. Píng Ān (平安) actually agency "safe and well".
Business
Ping An Allowance accumulation is the captivation aggregation of Ping An Life Allowance Aggregation of China, Ltd. and Ping An Property & Blow Allowance Aggregation of China, Ltd. It aswell controls China Ping An Allowance Across (Holdings) Limited and Ping An Trust & Investment Co., Ltd. Ping An Allowance Overseas, amid in Hong Kong, is a additional captivation aggregation for accessory companies amid alfresco of China.
Ping An Trust & Investment has the subsidiaries of Ping An Securities and Ping An Bank.
Ping An began as alone a blow allowance company. Since the mid-1990s Ping An has been diversifying into banking casework from its amount business of allowance and began demography investments from across firms. Ping An accustomed investments from Morgan Stanley and Goldman Sachs in 1994. In 2002 HSBC took a ample disinterestedness absorption in Ping An. In aboriginal 2008, Ping An agreed to yield a 50% allotment in Fortis Investments,[4] which had taken over ABN AMRO Asset Management as a aftereffect of the breach up of ABN Amro in backward 2007, but the accord was annulled in October 2008.
In June 2009, Ping An became a cardinal broker in Shenzhen Development Bank.
Ownership
Ping An has the allocation as getting a clandestine company. Richard McGregor, columnist of The Party: The Secret World of China's Communist Rulers, said that "the accurate affairs of ample chunks of its shares charcoal unclear" and that the affairs of Ping An is a "murky structure". In October 2012, The New York Times appear that ancestors and assembly of Chinese Premier Wen Jiabao controlled stakes in Ping An account at atomic US$2.2 billion in 2007. They paid the agnate of 40 cents a share, others affairs in the aforementioned time anatomy paid as abundant as $1.20. Thanks to favorable authoritative analysis and licensing, the close was able to body a assorted cyberbanking close with interests in insurance, brokerage, and banking.
Although Ping An styles itself as a bounded Chinese insurer,[citation needed] HSBC acquired 48.22% of H shares by agency of altered HSBC subsidiaries. HSBC authority 16.8% of absolute shares of Ping An, authoritative itself to be the better shareholder. Charoen Pokphand Group of Thailand has got the approval of USD 9.39 billion acquirement of HSBC's stake. On May 10, 2013, in animosity of a abridgement of accommodation from the China Development Bank, HSBC said "it was affairs the 15.6 per cent pale at HK$59 a share" in Ping An to Charoen Pokphand Group.