Anbang Insurance ups its ante in banking sector

An advertisement for Anbang Insurance Group is pictured at a metro station in Shanghai, February 20, 2012.[Photo/IC]

Anbang Insurance has snapped up more stocks through secondary market, making it among the top 10 shareholders in four major banks, reported Caixin.

The conglomerate upped its stake in the Industrial and Commercial Bank of China (ICBC), Bank of China, Agricultural Bank and China Construction Bank (CCB) in the fourth quarter last year through its insurance products, said the news website citing the companies' annual reports.

Anbang held a combined 0.23 percent stake in the Bank of China, ranked as the bank's fifth largest shareholder, while taking a sixth place in the ICBC, an eighth in the Agricultural Bank and a ninth in the CCB.

The insurer acquired the stakes through its defensive and stable investment portfolios under the Anbang Life Insurance Inc or universal insurance products under the Hexie Health Insurance Co, according to Caixin.

The moves came as Anbang extended its presence in China's banking sector. The company held a 15.54 percent stake in Minsheng Bank and a 10.72 percent in China Merchants Banks, according to annual reports released by the banks.

Last week, the conglomerate announced that it had withdrawn its $14 billion bid for Starwood Hotels & Resorts Worldwide Inc after reportedly raising the offer two times.