People enter the office of Anbang Insurance Group in Beijing, China, February 23, 2018. REUTERS/Thomas Peter
February 26, 2018
BEIJING (Reuters) – Anbang Insurance Group Co Ltd said on Monday it fully supported the Chinese insurance regulator’s decision to temporarily take control of the company and remains committed to the development of its overseas subsidiaries.
“We fully support CIRC’s decision,” a company spokesman said, referring to the China Insurance Regulatory Commission.
“We will continue to be committed to our overseas subsidiaries’ business and investment, and will provide necessary support to their healthy development.”
The Chinese government on Friday seized control of Anbang Insurance Group Co Ltd and said its chairman had been prosecuted, dramatically illustrating Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk.
(Reporting by Matthew Miller; Writing by John RuwitchEditing by Muralikumar Anantharaman)
