Ping An Insurance, China’s second-largest insurer and a shareholder in Fortis, has said it will vote against any sale of assets to BNP Paribas.
Ping An, the biggest shareholder with a 4.81% stake in Fortis, released a statement saying it would not approve revised terms of a deal, aimed to be concluded at shareholder meetings in Belgium on Tuesday and the Netherlands on Wednesday.
Fortis is aiming to sell the majority of its banking business in the Benelux region to BNP Paribas, plus a EUR1.38 billion transfer of a 25% stake in its insurance unit.
Last year the insurer wrote off USD3 billion through its stake in Fortis.