TPG in Completion of Sale of Shenzhen Development Bank Stake to Ping An Insurance
May 11, 2010
Cleary Gottlieb represented TPG in the sale of its stake in Shenzhen Development Bank to Ping An Insurance (Group) Company of China. TPG’s investment in SDB shares in 2004 was the first sale of a de facto controlling interest in a Chinese bank to a foreign investor.
Ping An is an integrated financial services conglomerate that covers a broad range of businesses, including insurance, securities brokerage, commercial banking, trust and investment, assets management and corporate pension business. Its shares are listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange