
Ping An (HKG:2318) gets a publicly traded lender with 855 billion yuan of assets and a network of more than 300 outlets, advancing Chairman Peter Ma's plan of building a financial conglomerate, Bloomberg News reported. Ping An (HKG:2318) had to combine its Ping An Bank with its Shenzhen Development Bank (CH:000001) stake earlier this year to avoid violating Chinese laws that forbid an insurance company from controlling two banks.
Shenzhen-based Ping An (HKG:2318) serves 51 million retail customers and 2 million corporate clients nationwide, Bloomberg reported. The company earned 1.1 billion yuan from banking operations in the first half of this year.



