Today in Shenzhen (China), Ping An and Fortis officially signed the final agreement that formalises the establishment of a global asset management partnership between the two companies. The signing ceremony was witnessed by the Shenzhen Mayors, senior management from both parties, advisors and other dignitaries in Shenzhen.
Through this transaction, Ping An has agreed to acquire a 50% equity stake in Fortis Investments*, the global asset management arm of Fortis, for a consideration of EUR 2.15 billion (RMB 24.02 billion**), payable to Fortis in cash on completion of the transaction. As a result of this partnership, Ping An will significantly advance its strategy to establish a global asset management business and a Qualified Domestic Institutional Investor ("QDII") platform, while Fortis will benefit from enhanced access to the fast growing economies of China and Asia, which will allow it to accelerate the development of its business in this key region.
