Goldman Sachs eyes China Pacific Life

Tue, 23 Sep 2003 | Source: AFP

BEIJING: U.S. investment banking giant Goldman Sachs Group is in talks to buy up to a 10 percent stake in China Pacific Life Insurance for an estimated 2.7 billion yuan (US$326 million), state press reported on Monday.

Goldman Sachs Asia has appointed a U.S. investment fund, the Carlyle Group's Hong Kong division, to manage due diligence on the proposed acquisition, the 21st Century Business Herald reported, citing informed sources.

The Guangzhou branch of China Pacific Life has confirmed the deal, while relevant documents have been submitted to the China Insurance Regulatory Commission for approval, the newspaper said, citing an unnamed company official.

China Pacific Life recorded total premium income of 22.23 billion yuan for the first half, up 99.64 percent year-on-year.

Its parent company, China Pacific Insurance (Group), currently holds 10 percent of the domestic insurance market. -- AFP

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