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Finance Ministry transfers China Credit Trust stake to PICC

(Xinhua)
Updated: 2008-10-16 22:53

The People's Insurance Company of China (PICC) said it would take a 32.35 percent stake of China Credit Trust from the country's Ministry of Finance.

The move would make PICC -- the second largest insurance group in the Chinese mainland after China Life -- the biggest shareholder of China Credit Trust, PICC told Xinhua on Thursday.

Established in 1995 with a registered capital of 1.2 billion yuan ($176.5 million), China Credit Trust manages assets of 66.4 billion yuan and made a pre-tax profit of 1.16 billion yuan last year.

It is the major shareholder of several financial institutions, including Guodu Securities and Harvest Fund Management Co.

Acquiring the stake would give PICC the license to operate in trust, futures, securities and fund services, a step further toward building a "financial holding company," PICC said.

The move is meant to increase capital support to key state-owned financial companies. It also facilitates the company's reconstruction and preparation for next year's overall listing, said a PICC official.

PICC Property and Casualty Company Limited, PICC's property insurance unit, was listed on the Hong Kong market in 2003.

After the acquisition, PICC said it would work with China Credit Trust to develop new products.