Minsheng's Lu says stake purchase not a challenge to Anbang

Shanghai

CHINA Minsheng Banking Corp vice-chairman Lu Zhiqiang says he is acting alone as he boosts his stake in the lender and has dismissed speculation that his moves may signal a looming tussle for ownership with the bank's largest shareholder, Anbang Insurance Group Co.

Mr Lu's purchases of about US$1.1 billion of stock since July 11 through his China Oceanwide Holdings reflected his confidence in Minsheng, the "reasonable" price of the shares, and Oceanwide's long-term strategy of becoming a financial conglomerate, he said in a phone interview on Tuesday.