Ping An Bank approves related-party transactions with Lufax Holding
Ping An Bank (SZSE: 000001) announced its board of directors has approved related-party transactions with Lufax Holding, a related entity under China Ping An Insurance (Group) Co. The agreements cover offshore RMB fixed deposits up to RMB 4.5 billion and offshore call deposits up to RMB 2.184 billion equivalent. The bank's independent directors and board committees approved the transactions after assessing that they are consistent with commercial terms and will not impact Ping An Bank's independence, with pricing no less favorable than arms-length. The transactions, constituting 0.78% and 0.38% of the bank’s capital, respectively, were approved in accordance with regulatory requirements and the bank's related-party transaction management policies.
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