Goldman Sachs eyes China Pacific Life

Tue, 23 Sep 2003, 00:00 WIB | 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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