Anbang takes big stakes in leading banks

Insurance group buys into nation's major lenders tempted by cheap valuations and safe returns

Chinese insurance conglomerate Anbang Insurance Group has boosted its holdings of banking stocks, making it among the top 10 shareholders of the country's "big four" lenders.

The cash-rich insurance group, known for a slew of high-profile acquisitions including its purchase of New York's famed Waldorf Astoria hotel in 2014, increased its stake in Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China and China Construction Bank in the fourth quarter of last year, Chinese business magazine Caixin reported on Tuesday, citing the annual reports of the four banks.