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China Life and Ping An were approved by China's banking regulator to buy 5.45 billion yuan of Minsheng Bank shares each, according to a statement by the Beijing-based bank to the Shanghai Stock Exchange today. The companies each will own 4.93 percent of the bank, the statement said.

The insurers are seeking to expand into banking to gain new sources of revenue and spread investment risk. China Life's and Ping An's 2006 profits were boosted by investment gains after the nation's benchmark CSI 300 Index more than doubled last year, sparking concerns about a stock bubble.

Shenzhen-based Ping An's stake will be subject to a lock-up period of 12 months and Beijing-based China Life's shares must be held for 26 months, the companies said in separate statements.

Ping An is seeking to build a financial services group that will get two-thirds of its revenue from banking, securities and asset management. It plans to buy into emerging-market financial institutions after the Chinese government broadens the scope for overseas investment by insurers, Chief Operating Officer Louis Cheung said on June 1.

China started allowing insurers to purchase stakes in commercial banks in 2005, prompting Ping An and China Life to embark on buying sprees.

Last year, Ping An bought 89 percent of Shenzhen Commercial Bank and raised its stake in Shanghai Pudong Development Bank Co. to 4.94 percent from 1.8 percent. HSBC Holdings Plc said in February Ping An was buying its 27 percent stake in subsidiary Ping An Bank.

China Life last year bought 20 percent of Guangdong Development Bank for 5.67 billion yuan, getting access to 500 banking outlets to sell its insurance and investment products.

Minsheng Bank said in March it was selling shares to seven corporate investors, including China Life and Ping An.

(For more biz stories, please visit Industry Updates)