Chinese insurance firm buys into Fortis

Thursday 29 November 2007

The Chinese firm Ping An Insurance has taken a 4.2% stake in the Dutch-Belgian financial services group Fortis.

Ping An is paying €1.8bn for the stake, Fortis said on Thursday.

Under the terms of the deal, the Chinese company will be entitled to nominate one member to the Fortis management board as long as its interest remains above 4%.

Fortis said the involvement of Ping An will give the concern better access to the lucrative Chinese market where it is the second biggest player on the life insurance market.

© DutchNews.nl

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