TPG is close to a deal to offload at least part of its $1.5bn controlling stake in Shenzhen Development Bank to Ping An insurance, China’s No 2 insurer, providing an exit route for the US buyout firm’s biggest China investment, reports the WSJ. Ping An is in advanced talks with SDB and TPG to boost its stake in the Chinese bank by subscribing to new shares in a placement by SDB and taking at least some of TPG’s shares. The FT adds that shares in Ping An and SDB were suspended on Monday.

This entry was posted by Gwen Robinson on Tuesday, June 9th, 2009 at 4:36 and is filed under Capital markets, Private equity. Tagged with ping an, Shenzhen Development Bank, tpg. Edit this entry.