Shenzhen-based Ping An Insurance (Group) Company of China together with its subsidiary Ping An Life acquires a 21.44% stake and became the largest shareholder of Shenzhen Development Bank. Following the transaction, the group and its life subsidiary Ping An Life Jointly holds 665.7 million shares.

According to Ping An, their investment is in line with its strategic plan and will enable Shenzhen Development Bank (SDB) to share Ping An's customer base, national sales network, back office support and its successful cross-selling experience.

(Source: Deloitte.com-China M&A Digest)