Anbang Insurance Group Co is planning to list its life insurance business in Hong Kong and has invited investment banks to make pitches to win advisory mandates in the coming weeks, people familiar with the matter told Reuters.
Anbang, which earlier this year aborted a $14 billion bid for Starwood Hotels & Resorts Worldwide Inc, has not set any timetable of the planned initial public offering (IPO), the people said. No other details of the deal could be immediately ascertained..
An external spokesman for Anbang declined to comment on Anbang’s IPO plans. The sources declined to be identified as the information is not public. (Reporting by Denny Thomas and Julie Zhu; Editing by Keith Weir)