ping-an-buys-50-of-fortis-investments

Ping An buys 50% of Fortis Investments

The Chinese insurance company pays $3.32 billion for the stake in Fortis's asset management subsidiary, gaining access to a business with $378 billion of assets under management.

By Sameera Anand

March 24, 2008

Leading Chinese insurance company, Ping An Insurance announced late on Wednesday last week that it will pay Ç2.15 billion $3.32 billion for 50% of Fortis Investments, the asset management business of Belgian-Dutch financial services firm, Fortis.

Fortis Investments, which will be rebranded Fortis Ping An Investments, is the global asset management arm of the Fortis group. It is also the company in which the ABN AMRO asset management unit Fortis bought will be added. The combined Fortis-ABN business has assets under management of Ç245 billion effective April 2008, up from Ç133 billion for Fortis Investments alone at the end of 2007. The price Ping An is paying for 50% translates on a firm value basis...

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