China CCB gets regulatory approval for insurer stake
A child plays in front of a branch of China Construction Bank in Xiangfan, Hubei province November 18, 2008. Shares in China Construction Bank (CCB) dropped more than 5 percent on Tuesday, after Bank of America said it was boosting its stake in China's No. 3 lender at a significant discount to its current trading price. REUTERS

China Construction Bank (CCB) (601939.SS) (0939.HK) has won approval to buy a combined 51 percent stake in Pacific Antai Life Insurance, the official Financial News reported on Monday.

China's No. 2 lender had won approval from the China Insurance Regulatory Commission to acquire a 50 percent stake from Dutch group ING (ING.AS) and a 1 percent stake from China Pacific Insurance (Group) Co. Ltd (601601.SS)(2601.HK), it said.

ING has agreed to sell its stake as part of a restructuring to cope with the credit crisis.

Pacific Antai Life Insurance was established in 1998 by China Pacific Insurance and Aetna Inc. The ING Group took over a 50-percent stake in Pacific Antai from Aetna in 2000.

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