Taiping Life pays $431m for Anbang’s stake in Zheshang Bank

Taiping Life pays $431m for Anbang’s stake in Zheshang Bank

FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo

Taiping Life Insurance Co. Ltd. paid 3 billion yuan ($431 million) to acquire 6.33% of China Zheshang Bank in one of the final steps in the disposal of assets of the now-defunct private conglomerate Anbang Insurance Group.