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A corporate flag and the Chinese national flag pbad in front of the Anbang Insurance Group headquarters in Beijing, China, on February 23, 2018. REUTERS / Thomas Peter
BEIJING (Reuters) – The Chinese regulator of banks and insurance companies said on Friday that it will extend control over Anbang Insurance Group Co Ltd from one year to 22 February 2020.
The regulator will maintain Anbang's stable operation and protect the interests of all parties concerned, said the China Banking and Insurance Regulatory Commission in a statement posted on its website.
The Chinese government took control of Anbang last February, as part of a mbadive campaign to reduce financial risks. The former president of Anbang, Wu Xiaohui, was then sentenced to 18 years in prison by a Chinese court.
Reporting by the Beijing Monitoring Bureau; Edited by Muralikumar Anantharaman
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