China’s Anbang Insurance Group is reopening talks to sell its 35% stake in Chengdu Rural Commercial Bank, according to reports from Reuters.
This marks the second time the insurer has attempted to offload its stake in Chengdu, having previously tried to sell the stake for 16.8 billion yuan (US $2.41 billion) in December 2018.
This time, Anbang is offering its stake at the slightly lower price of 16.5 billion ($2.37 billion), according to a recent exchange filing.
Sources added that potential investors include Chengdu Xingcheng Investment Group, a local government-backed investment vehicle.
The filing also stated that Beijing Financial Assets Exchange will conduct an auction in the event of multiple bids for the Chengdu stake, which will conclude on February 1.
The planned deal comes amid a large trend of asset sales for Anbang, as China tries to limit the financial and credit risks for some of the country’s smaller lenders.
