Anbang raises bank stake

Anbang Insurance Group Co raised its stake in China Minsheng Banking Corp Ltd to 19.28 percent last week, according to a disclosure published on Monday by the Hong Kong Stock Exchange.

For Anbang, which is spending more on real estate and financial services investments, it was the ninth share increase in the country's biggest private lender over the last three months.

China Minsheng shares gained 1 percent in Shanghai trading to close at 10.49 yuan ($1.75). The stock has gained about 70 percent over the last three months.

In December 2014, the Beijing-based insurer raised its stake in Chinese property firm Financial Street Holdings Co to 20 percent, while increasing its shareholding in China Merchants Bank Co Ltd to 10 percent.