DLA’s corporate group in Hong Kong recently advised Ping An Insurance (Group) Company of China, Ltd. (‘Ping An Insurance’) on its acquisition of Fujian Asia Bank Ltd. Fujian Asia Bank is a Chinese foreign joint venture bank, which was established by the Bank of China and BCA Finance Limited in 1993.
DLA Hong Kong advised Ping An Insurance throughout the entire process of the transaction, which involved entering into an agreement with Bank of China for the acquisition of 50% interest in the registered capital of Fujian Asia Bank Ltd. Fujian Asia Bank Ltd will be renamed Ping An Bank. HSBC has purchased the other half of Fujian. Ping An Insurance is expected to increase its holding of interest in the registered capital of Ping An Bank from 50% to 73% by injecting a further £13m into the new company.
DLA’s lead partner on the deal was corporate lawyer Mabel Lui who was assisted by partners Horace Wenn and Roy Chan and corporate solicitor Tony Wu.
Slaughter and May acted for HSBC.