China Regulator to Retain Control of Anbang Insurance Group Until Next Year

China’s banking and insurance regulator said on Friday it will extend its control of Anbang Insurance Group Co. Ltd. for one year to Feb. 22, 2020.

The regulator will maintain the stable operation of Anbang and protect the interests of all relevant parties, the China Banking and Insurance Regulatory Commission said in a statement on its website.

The Chinese government took control of Anbang in February last year, part of a sweeping campaign to reduce financial risk. The former chairman of Anbang, Wu Xiaohui, was later sentenced to 18 years in prison by a Chinese court.

(Reporting by Beijing Monitoring Desk; Editing by Muralikumar Anantharaman)

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Topics China