BEIJING - China's Ping An, the nation's second-largest insurer, said Saturday it planned to buy a stake worth up to 22 billion yuan (S$4.35 billion) in Shenzhen Development Bank.

The Hong Kong-listed group said in a statement on its website it had agreed to buy up to 1.1 billion shares in the financial institution from the bank itself and from Newbridge Capital, the Asian arm of private equity firm TPG.

Newbridge is currently Shenzhen Development Bank's largest shareholder, the statement said.

The insurer will buy up to 585 million shares from the bank for 10.7 billion yuan, and a further 520 million Shenzhen Development Bank shares from Newbridge worth 11.4 billion yuan.

The Ping An Group currently holds a 4.7 per cent stake in Shenzhen Development Bank, but these deals will enable it to acquire up to 30 per cent of the firm. -AFP