TPG clear to exit China bank to Ping An
TPG Capital's groundbreaking early investment in China’s banking sector appears close to an exit in its sale of its c.16.76% stake in Shenzhen Development Bank to local insurance giant Ping An Insurance Group.
The latter has reportedly received the key regulatory approvals needed for completion of the sale. Estimates of the return have been as high as a 7x. This would mean a profit of $2.14 billion. The proposed...
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