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China Life Insurance in talks to acquire stake in Huishang Bank

Chinese life underwriter China Life Insurance is apparently in final-stage talks to purchase a 10% stake in Huishang Bank, according to Reuters.

The reported purchase is in line with the insurer’s strategy to diversify into China’s banking industry.

Huishang Bank, which was established only a year ago, plans to place shares with several investors, Reuters reported, including China Life.

The stake purchase has not been confirmed in a signed agreement but the deal is expected to be completed within the coming weeks.

Sources close to the situation told Reuters that China Life is also currently in talks to acquire a small commercial bank in Zhuhai.