SHANGHAI (MarketWatch) Industrial & Commercial Bank of China Ltd. (1398.HK) plans to buy a 70% stake in AXA-Minmetals Assurance Co., an insurance joint venture between AXA SA (CS.FR) and China Minmetals Corp., the state-run Shanghai Securities News reported Wednesday, citing an unnamed source.
ICBC has submitted the plan to regulators. AXA and China Minmetals will hold a combined 30% stake after the purchase, said the report.
AXA holds a 51% stake in the insurance joint venture now, while China Minmetals owns the remaining 49%.
