Move should pave way for cross-border selling of insurance products

China's second largest life assurer, Ping An, has purchased a 4.2 per cent stake in the Fortis group.

The stake, worth $2.7bn, is the latest in a series of investments made by Chinese financial services companies in their European counterparts.

The news follows the announcement by China Life, China's largest life assurer, earlier this week that it would look to invest in a large insurance company in Europe or North America.

HSBC currently holds a 17 per cent stake in Ping An.

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