Anbang is considering floating its life insurance unit and has asked banks to pitch for the work, in a move that suggests the acquisitive Chinese group, which has to date valued its privacy, is preparing to become more open in return for capital.
The group, best known for an abortive bid for Starwood Hotels & Resorts this year, is founded on its insurance business — a model that reflects founder Wu Xiaohui’s admiration for the investing style of Warren Buffett, the Berkshire Hathaway chairman.
Bankers, who asked not to be identified, said talks were at an early stage and no decisions had been taken on structure, listing venue or deal size. “They’re looking for comments from banks on these points,” said one.
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