Ping An, the Chinese insurer, is considering scrapping its proposed asset management joint venture with Fortis following the shock capital injection by European governments into the troubled Belgo-Dutch group.
Fortis in March agreed to sell a 50 per cent stake in its asset management division to the mainland insurer for €2.15bn ($3.3bn, £1.7bn) to pursue a landmark cross-border collaboration, and the deal is awaiting approval by Chinese regulators.
However, people close to the situation said Ping An would now review whether to pursue the proposed joint venture, renegotiate the terms or pull out of the deal. As well as a heavy financial blow, the collapse of the venture would dent Fortis's ambitious China expansion plans.
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