Ping An Insurance boss sees best growth prospects in China

Business | 6 Nov 2018 3:14 pm

The chairman and chief executive of Ping An Insurance (2318), Peter Ma Mingzhe, denied the company is working on big overseas acquisitions and emphasized that the priority was the domestic market, in an interview with the Financial Times.

The FT said that the Chinese financial services conglomerate, which has a market capitalization of more than US$170 billion, has this year been linked with a number of possible M&A targets. They include Prudential’s Asian life insurance business, which analysts value at more than £37 billion, and Commonwealth Bank of Australia’s general insurance business.

"The Chinese market has the best growth prospects,” he said.

Ma also said: "We want to go into Asia Pacific with our health care and financial technology, which helps to improve efficiency and control risks. We’re interested in partnerships with other companies.”

Ping An has become the biggest shareholder of HSBC (0005), holding 1.42 billion or 7.01 percent of shares, by buying additional 5.37 million shares on November 1, according to disclosures to the Hong Kong Stock Exchange.

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