Anbang Insurance Group Co, the Chinese insurer that has bought New York's famed Waldorf Astoria hotel, has increased its stake in China Minsheng Banking Corp Ltd to become the biggest shareholder of the country's largest private lender.
Anbang has been on a buying spree this year that started with its purchase of the Waldorf in October for $1.95 billion.
It now owns about 3.1 billion Minsheng shares, through four different subsidiaries, and controls 10 percent of the bank, Minsheng said in a filing to the Shanghai Stock Exchange late Thursday.
Anbang held 1.7 billion shares as of November 28, according to an earlier securities filing by Minsheng.
Dutch insurer Delta Lloyd NV (DLL.AS) agreed to sell its Belgian banking operations to Anbang for 219 million euros ($268.93 million).
In December, Anbang has increased its stake in Chinese property firm Financial Street Holdings Co 000402.SZ to 20 percent. It also raised its shareholding to 10 percent in China Merchants Bank Co Ltd.
Anbang, which offers insurance and asset management, was founded in 2004 by seven companies including state-owned Shanghai Automotive Industry Group Corp and Sinopec. It has a total of 700 billion yuan of assets according to its website.
China Minsheng shares were down about 1 percent at midday. Minsheng shares have gained more than 47 percent over the last month, compared with a 31 percent rise on the CSI 300 index .CSI300
(Reporting by Engen Tham and Matthew Miller; Editing by Stephen Coates)