Ping An buys 50% of Fortis Investments

The Chinese insurance company pays $3.32 billion for the stake in Fortis's asset management subsidiary, gaining access to a business with $378 billion of assets under management.

Leading Chinese insurance company, Ping An Insurance announced late on Wednesday last week that it will pay Ç2.15 billion $3.32 billion for 50% of Fortis Investments, the asset management business of Belgian-Dutch financial services firm, Fortis.

Fortis Investments, which will be rebranded Fortis Ping An Investments, is the global asset management arm of the Fortis group. It is also the company in which the ABN AMRO asset management unit Fortis bought will be added. The combined Fortis-ABN business has assets...

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