July 3 (NBD) -- China Merchants Bank Co., Ltd. (600036.SH) announced Tuesday that its shareholder Anbang Property & Casualty Insurance entered an agreement on June 29, 2018, to transfer around 1.26 billion A-shares in the listed company to Hexie Health Insurance.

Upon completion of the equity transfer deal, Anbang Property & Casualty Insurance's stake in China Merchants Bank will be cut to 6.64 percent from previously 11.63 percent, while Hexie Health Insurance will hold a 4.99 percent stake in the bank.

It's noted in same filing that Anbang Insurance Group is the controlling shareholder and ultimate beneficiary for both Anbang Property & Casualty Insurance and Hexie Health Insurance, which makes the latter two associated firms and firms acting in concert.

Email: gaohan@nbd.com.cn