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China Life Insurance (Group) Co, China's largest insurer, will become Agricultural Bank of China's (ABC) strategic investor in the latter's long-awaited initial public offering (IPO), 21st Century Business Herald reported, citing a person familiar with the matter.
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China's national pension fund has invested $2.2 billion and is the only strategic investor that the bank brought in before its IPO.
"ABC is the biggest Chinese bank in terms of bancassurance business, so it's natural for insurance companies with sufficient capital to be interested (in the IPO). But the decision still depends on the price," an insurance industry insider said.