March 19, 2008 09:54 ET

Ping An and Fortis to enter into a global asset management partnership

Ping An intends to acquire a 50% stake in Fortis Investments

BRUSSEL, BELGIUM--(Marketwire - March 19, 2008) - Fortis and Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or "Ping An Group") today jointly announced the signing of a Memorandum of Understanding ("MOU") to form a global asset management partnership. Ping An intends to acquire a 50% equity stake in Fortis Investments*, the global asset management arm of Fortis, for a consideration of EUR 2.15bn (RMB 24.02bn**). Through this partnership, Ping An would significantly advance its strategy to establish a global asset management business and a Qualified Domestic Institutional Investor ("QDII") platform while Fortis would significantly accelerate the development of its business in both China and Asia Pacific.

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